MYTILINEOS through its Power & Gas Business Unit – Protergia has signed an agreement with Copenhagen Infrastructrure Partners (CIP), on behalf of its fund CI New Markets Fund I, for a joint cooperation (CIP 60% / MYTILINEOS 40%) in the development of offshore wind parks in sea areas of Greece.

Both Companies will contribute to this cooperation, in order to identify appropriate sites and co-develop and co-invest in offshore wind projects, by combining resources and expertise.

CIP is a fund management company specialized in energy infrastructure investments globally, in particular within renewables and the greenfield segment. CIP has approximately EUR 15 billion under management and is the largest dedicated greenfield renewable energy fund globally. CIP’s total portfolio of renewables investments is estimated to reduce the equivalent of approximately 10-11 million tonnes of CO2 and sustainably power approximately 5-6 million households each year in the countries where the funds invest.

The principal developer for all the projects to be developed under the CIP-MYTILINEOS  cooperation is Copenhagen Offshore Partners (COP), a world leading offshore wind project development, construction and operations company. In collaboration with CIP, COP transfers extensive know-how that boosts the partnership in the increasing competitive offshore wind industry. COP works closely with Copenhagen Infrastructure Partners and since 2015 has been leading the development of numerous offshore wind projects in Germany, UK, Taiwan, USA, Australia, Japan, Korea, Vietnam and elsewhere.

General Manager of the Power & Gas Business Unit Mr. Dinos Benroubi has stated after the signing of the agreement: “We are proud to collaborate with world leaders in offshore wind projects and we are looking forward to a fruitful cooperation that will enhance both the energy strategy of MYTILINEOS and Greece’s energy transition .”

CIP Partner Michael Hannibal said: “CIP is pleased to join forces with MYTILINEOS exploring a new offshore wind market. It will be a floating offshore wind dominated market, and we look forward to bring our global experience and working with MYTILINEOS and local partners to develop good projects in Greece”

Offshore wind is expected to be the largest source of electricity in the European Union by 2040. In  order for Greece to achieve its national targets, there is an obvious need for a timely and effective legal and regulatory framework.

MYTILINEOS’ Power & Gas Business Unit aspires to become a catalyst for a low-emission Greek electricity generation mix, by investing in clean energy and innovative applications for a greener future for all. Recently, the Company announced the acquisition of a 1.48GW solar portfolio, and a pipeline of storage projects.