en.Wedoany.com Reported - Greek developer Metlen Energy and Metals (Metlen) has acquired a 40% stake in a special purpose vehicle (SPV) owned by Greek shipping company Tsakos Group (Tsakos) to develop a 251.9 MW solar-plus-storage project in central Greece.

The transaction advances the strategic agreement between the two parties into the implementation phase, with the SPV responsible for the project's development, construction, operation, and commercial management. The partners describe the project as "one of Greece's largest hybrid renewable energy projects."

Under the terms of the agreement, Metlen is responsible for engineering, procurement, and construction (EPC), and will handle energy management and commercial operations after the project becomes operational.

The project consists of a 251.9 MW solar photovoltaic plant and a battery energy storage system (BESS) with a capacity of approximately 375 MWh. Construction is scheduled to begin later this year, with commercial completion targeted for early 2028.

Metlen Executive Chairman Evangelos Mytilineos noted that the establishment of the joint SPV marks the official start of cooperation with the Tsakos Group, representing a substantial step forward for an investment of significant importance to the Greek energy market. Large-scale hybrid projects combining renewable energy generation with storage are central to the new energy system.

The two parties initially signed a cooperation agreement in January 2026 to develop, construct, operate, and commercially manage one of Greece's largest hybrid renewable energy projects through a joint venture.

The joint venture's equity structure gives Tsakos Group a 60% stake, with Metlen holding the remaining 40%.

The solar-plus-storage project is part of Metlen's growing portfolio of hybrid renewable energy assets, combining utility-scale solar power generation with battery storage. Greece continues to expand its renewable energy capacity while enhancing grid flexibility.

The financial terms of the transaction were not disclosed.

Metlen's global renewable energy portfolio totals over 11.9 GW across various stages of development, including more than 2.3 GW of operational solar capacity and approximately 1.6 GW of self-owned projects under construction.

In the UK and Ireland, the company manages over 90 completed or developing projects, including more than 65 solar projects with a total capacity exceeding 2.3 GW and storage projects with a capacity exceeding 1.3 GWh.

In Italy, Metlen has a portfolio of approximately 3 GW; in Romania, its 211 MW Monvallet solar project, developed in partnership with HELLENiQ ENERGY, is expected to be completed in 2026. In Chile, the company has delivered several solar-plus-storage projects prior to asset rotation activities.

Earlier this year, Metlen signed an agreement with Italian steel producer Acciaieria Arvedi to participate in Italy's Energy Release 2.0 program.

Under the arrangement, Metlen will develop 170 MW of new solar photovoltaic capacity in Italy over three years, receiving a fixed tariff of €65 per MWh from the state energy agency GSE, with Acciaieria Arvedi as the off-taker purchasing approximately 2.4 TWh of electricity generation over the contract period.