MYTILINEOS: METKA EGN sells four operational solar PV plants to Lightsource BP

MYTILINEOS continues to seek and create new investment opportunities and broadens its activities in the exciting and promising field of solar photovoltaic power projects. Therefore, it is with great pleasure that the company announces a new successful transaction between its subsidiary METKA EGN and Lightsource BP, the leading solar power company, to sell four operational solar photovoltaic power projects in the United Kingdom, with total capacity of 18 MW.

The four solar projects were developed and constructed by METKA EGN to meet the 31 March 2017 deadline, and subsequently received accreditation under the 1.2 Renewable Obligation Certificate (ROC) program.

MYTILINEOS’ subsidiary, METKA EGN shows that the pursuit of excellence and higher technological innovation is a key element of its activities. METKA EGN’s recently formed project development team lead by Fabio Spucches was responsible for development and structuring of the projects, while the turn-key engineering, procurement, and construction (EPC) contracts were carried out by METKA EGN’s well established, London based, project execution organization.

Construction finance was provided by METKA EGN, and non-recourse project finance for the projects was concluded post-completion by Lightsource BP.

Nikos Papapetrou, CEO of METKA EGN stated: “This successful transaction represents a great example of our end-to-end project development and execution capabilities, focused on high-quality, investment grade projects. We are delighted that this transaction was concluded with Lightsource BP, our major partner. Our international project development pipeline continues to grow and we are very optimistic on the prospects for this growing segment of our business.”

Nick Boyle, Group CEO of Lightsource BP stated: ‘We are pleased to be adding 4 operational PV power projects to our rapidly expanding portfolio. Our in-house, strategic asset management and operation and maintenance teams will ensure these sites perform to optimum standard. This transaction affirms our competitive pricing in the market and we look forward to completing further transactions with solar asset owners like METKA EGN across the UK.”