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Metlen Energy & Metals PLC - Athens-based aluminium producer and electricity generator - Signs a strategic partnership with maritime transportation firm Tsakos Group for the development, construction, operation and commercial management of a Greek hybrid power generation project. The companies will participate in a joint venture, with Metlen owning 60% and Athens-based Tsakos holding the other 40%, to develop and operate ‘one of Greece’s largest hybrid power generation projects’. The power plant will have an integrated energy storage system consisting of a 251.9 megawatt photovoltaic park and an energy storage system with an expected capacity of 375 megawatt-hours. Metlen expects implementation to start in 2026 and is aiming for completion in early 2028.
‘Metlen, through this investment, a) strengthens its strategic positioning in next-generation renewable energy by acquiring an equity stake, b) undertakes the construction, and c) integrates the management of the plant’s commercial operations - a landmark project for Greece that combines large-scale energy generation and storage - into the company’s energy management,’ the company adds.
Current stock price: €42.60, up 3.5% in London on Thursday afternoon
12-month change: down 12%
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