Mytilineos Group increased profits from investments in renewables and energy storage

In conditions of crisis and uncertainty, invest! We often hear or read this motto from business motivators. And this currency is proving to be a successful formula, especially these days for companies that have energy-related businesses. The war in Ukraine created stagnation in the markets, but at the same time it opened up new opportunities. So companies quickly realized that a personal internal transition was necessary to remain competitive and ensure greater energy stability.

The big energy giants have already invested heavily in this process. According to the realization of the started projects and the dynamics with which they are being worked on, by the end of the decade, a serious part of the total portfolio will go to the account of energy from renewable energy sources. This will mean accelerating the energy transition, but also changing the structure of the energy portfolio in a broader sense.

Investing in renewable energy for energy companies is not just a matter of goodwill or social responsibility at the moment. Of course, business is business, it’s all about market positioning, increasing competitiveness, and increasing profits. An example of increasing profitability from investments in renewable sources and the development of energy storage technologies is the Greek group Mytilineos, which is present in several markets with its own activities.

Mytileneos Group works in several areas, including investments and the development of projects from renewable energy sources. The group has a specialized company RSD, which deals with the development, investment, and operation of projects from renewable energy sources. Within the RSD group at the beginning of the year, it achieved a profit growth of 12 million euros, which is a growth of 128%, compared to the results of last year when the profit amounted to 5 million euros in the first quarter of 2021.

RSD is intensively working on the implementation of renewable energy projects, which will play a significant role in the green energy mix at the global energy level. At the same time, the higher demand for energy and the growth in the price of green energy is an additional motives for the company. Investments in projects are not unique, the Mytilineos group through RSD, also develops projects based on the Build, Operate & Transfer principle, and the portfolio of such projects amounts to 5 GW. Even greater growth and profitability is expected from this segment of operations due to higher margins.

Mytilineos develops projects from renewable energy sources in Greece as well as in other markets. At the beginning of the year, the Mytileneos group through RSD and AQUILA CAPITAL signed an agreement for a solar portfolio of 100 MW. It is a project stationed in southern Spain that is expected to start production by the end of the year. In addition to this project, Mytileneos has solar PV and energy storage projects in multiple markets.

In terms of numbers, the group expects an increase in EBITDA by 65%, by 2025, as a result of the activities and investments within the energy transition.  In addition to that, the Mytileneos group will also contribute to the reduction of the use of lignite for electricity production in Greece, and thus to the reduction of CO2 emissions.