Approval for the formation of a joint venture by PPC and Metlen Energy & Metals was granted by the European Commission under the European Union’s Merger Regulation.
The transaction primarily concerns the operation of battery-based electricity storage facilities in Bulgaria, Italy, and Romania.
The Commission concluded that the agreement does not raise competition concerns, as the combined market share of the two companies remains limited in the relevant markets affected by the transaction.
The case was examined under the simplified merger control procedure, which applies in cases where no serious competition concerns are identified.
The projects
As reported by Euro2day.gr, the projects set to come online in these three countries—with the first 1,000 MW expected within twelve months—are driving up investment in storage, with all that this implies for the stability of their power systems, channeling up to 3,000 megawatt-hours of green energy during hours when there is no sun or wind.
The figures are not insignificant and reflect the broader trend in investments being planned in the region. The Public Power Corporation (PPC) alone, which is strongly betting on flexibility , will launch 1.5 GW of projects over the three-year period (2026–2028) , primarily in batteries, pumped storage (a system for pumping and storing water to generate electricity), and hydroelectric power, as announced in November from London during Capital Markets Day (a day dedicated to presenting strategy to investors).
As part of the collaboration, a joint venture is being established with each party holding a 50% stake, with Metlen providing its expertise in project construction and PPC offering energy management and the synergies derived from its presence in the photovoltaic and wind power sectors in Romania, Bulgaria, and Italy.
As a strategic move, the partnership between the two Greek groups reduces the risks in their business plans, with PPC ensuring the production of a large portion of the batteries needed so that the excess energy generated by its adjacent photovoltaic and wind farms can be utilized during peak demand in the evening hours.
It should be noted that in these three markets, it aims to develop RES (Renewable Energy Sources) projects equivalent to 5 gigawatts, or 40% of the total 13 gigawatts projected in its new €10 billion business plan.
In these same markets, however,it will also build batteries on its own, both two-hour duration ones, such as the Greek projects “Meliti 1” and “Ptolemaida 4,” with a total capacity of 98 MW, as well as larger ones, following the model of the “Amyntaio II” project, 50 MW, with a four-hour duration.
In Metlen’s case, the alliance serves toexport to neighboring countries the integrated utility model it applies in Greece.In other words, it is following the logic it has already been pursuing in recent years, of continuously expanding solar and wind power in Southeast Europe and adding batteries to its portfolio, in order to create an energy production mix with attractive prices, which it then sells to large customers in our wider neighborhood.