02 FEB 2023

MYTILINEOS and Saint-Gobain sign a 10 year power purchase agreement in Italy

Athens, Greece – 2 February 2023 - MYTILINEOS – Energy & Metals (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) and Compagnie de Saint-Gobain (EPA: SGO), worldwide leader in light and sustainable construction, have signed a private wire Power Purchase Agreement (PPA) relating to the energy generated from a 4.9 MW solar farm in Italy.

The solar power plant will reach commercial operation in mid-2023 and it will be built on the premises of Saint-Gobain’s historical factory in Vidalengo, near Bergamo. With this solar asset, more than 7.5 GWh of renewable electricity per year will be produced, displacing more than 3,900 tonnes of CO2 emissions every year – the equivalent of the yearly carbon footprint of ca. 700 people living in Italy.

Yiannis Kalafatas, Chief Executive Director of MYTILINEOS’ Energy Sector stated: “MYTILINEOS is evolving into an integrated utility, but as it is at the same time one of the largest power-intensive industries in Europe, understands the increased needs of its partners. Italy represents a strategic country for the Company and with this agreement we are demonstrating our capabilities to support local industries in this difficult period of energy volatility and our support to the Italian energy independence policy.”

This 10-year PPA secures a significant portion of Saint-Gobain’s electricity consumption in Vidalengo factory. In addition, locking into a favorable electricity price ensure business competitiveness, as it reduces operational costs in part due to significant savings on grid fees. The project falls under the Italian regulation for self-consumption, known as SEU.

Gaetano Terrasini, Saint-Gobain’s Italian CEO, said: “Sustainability is part of Saint-Gobain's DNA. The Group's vision is to become worldwide leader in sustainable construction, not only thanks to our solutions that make it possible to build energy efficient and comfortable buildings, but thanks to our production processes too, for which we have set ambitious targets in terms of CO2, waste and water reduction. The closing of this agreement for our Vidalengo plant represents one of the actions that will support Italian operation to achieve the Group's aspiring goal of carbon neutrality by 2050.”

MYTILINEOS fully supports Greece’s and Italy’s strategic plan for decarbonization, with current and future investments, especially now that the energy prices are at historic highs in the European Union. Specifically, the Company currently has an italian portfolio of 157MW  in construction, 2 GW in development and is planning to add additionaly 1 GW during 2023.

At the same time, MYTILINEOS RES portfolio, which consists of projects in several countries and various stages of development with a total capacity of 9.1 GW, is accelerating. More specifically:

  • 539 MW in operation
  • 1.0 GW under construction
  • 2.2 GW in mature stage of development, i.e. projects either on a RTB or soon RTB stage
  • >5 GW in less mature stage of development

MYTILINEOS was advised by Gattai, Minoli, Partners and Our New Energy on the transaction.

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