Two of Greece’s most powerful business groups are joining forces in the energy sector for the development of one of the largest hybrid renewable energy power generation projects in Greece.
Shipping group Tsakos, established in 1970 by captain Panagiotis N. Tsakos, and industrial and energy specialist Metlen have formalised the launch of their partnership through Metlen’s entry into an existing Special Purpose Vehicle (SPV) of Tsakos Group.
“The formalisation of the launch of our partnership with Tsakos Group through the now joint SPV represents another substantial step towards the implementation of a highly significant investment for the Greek energy market. Large-scale hybrid projects, combining renewable power generation with storage, are at the core of the new energy system,” said Evangelos Mytilineos, executive chairman of Metlen.
This development marks the next step in the implementation of the two companies’ strategic agreement for the development of one of Greece’s largest hybrid renewable energy projects.
The Special Purpose Vehicle, in which Metlen has entered with a 40% stake, will undertake the development, construction, operation (energy management) and commercial management of the project, which will comprise a photovoltaic power station with an installed capacity of 251.9 MW and an energy storage system with a total capacity of approximately 375 MWh, located in central Greece.
For Metlen, this partnership strengthens its strategic positioning in next-generation renewable energy.
On the other hand, with this investment, the Tsakos Group marks its dynamic entry into a large-scale energy project in the Greek market.
Metlen’s participation in the now joint Special Purpose Vehicle marks the partnership’s transition into the implementation phase, enabling the next stages of the project’s development and construction to proceed in line with the agreed timetable.
Nikos Tsakos, chief executive officer of TEN Ltd., noted: “Our partnership with METLEN is based on a shared philosophy and common values. METLEN is one of the largest energy and metals companies internationally, with a strong presence and a listing on the London Stock Exchange, reflecting its scale and credibility. We believe in building long-term partnerships founded on trust, consistency and a shared vision. The establishment of our joint venture is an important step in this direction and lays the foundations for the successful implementation of a flagship project for the Greek energy market.”
Captain Panagiotis Tsakos, founder of Tsakos Group, added: “There is deep appreciation and admiration for Evangelos Mytilineos and METLEN. It is a company that stands out for its professionalism and performance, always with excellence as its goal. I am confident that, through this partnership, we will move forward with strength and achieve even more together.”
Headquartered in Athens, the Tsakos Shipping and Trading oversees the management of a diversified fleet of tanker vessels.
Earlier this year, the shipping deputy minister of Cyprus Marina Hadjimanolis presented an award of recognition to captain Panagiotis Tsakos for his significant contribution to global shipping and maritime education during the High-Level Ministerial Stakeholders Conference on Seafarers “Investing in Seafarers: Securing the Future of Global Shipping” in Limassol.
