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ATHENS - Metlen Energy & Metals PLC (MTLN.L) and Karatzis Group announced Thursday they are forming a joint venture to develop a 330MW/790MWh battery energy storage system in Thessaly, Greece, representing a €170 million investment.
The project, described as the largest standalone storage unit planned in Greece to date, will be owned 49% by Metlen and 51% by Karatzis Group. The companies expect to complete construction by the second quarter of 2026, according to a press release statement.
This partnership expands on the companies’ existing cooperation that began in August 2024 with the implementation of solar stations totaling 262MW in the same region.
Under the agreement, Metlen’s M Renewables division will handle construction, operation, and maintenance of the facility. The company reports it completed energy storage projects totaling approximately 0.7GWh in 2024 and is finalizing agreements for third-party projects of 2.2GWh.
The companies indicated no grants or tax reliefs are anticipated for the project.
The battery storage system aims to contribute to Greece’s energy security and support the country’s transition to renewable energy sources. When completed, the facility will rank among the largest battery storage systems in Europe.
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