Greek developer puts gigawatt-scale Australian solar and battery portfolio up for sale

The Greek industrial and energy giant formerly known as Mytilineos – now going by Metlen – has put its Australia renewables assets up for sale, including eight solar farms in operation or under construction and a 2.9GW development pipeline including battery storage and hydrogen projects.

The sale, which is being brokered by Macquarie, comes as Metlen – the largest vertically integrated private company in the electricity and gas sector in Greece – prepares to list on the London Stock Exchange.

In Australia, the company owns six completed and operational solar farms totaling 530MW, including the 110MW Moura project in Queensland and the 75MW Wyalong solar farm in New South Wales. Four sub-40MW solar farms – Wagga Wagga I & II, Junee and Corowa – are in operation in south-eastern NSW.

In Queensland, the 53MW Kingaroy solar farm is now undergoing commissioning, while the 150MW Munna Creek solar farm is under construction near Gympie after locking in a power purchase agreements with Tesltra and NBNCo

The Wyalong project, which started construction in July 2022, will sell roughly half its output to NBN Co under a 10-year power purchase agreement.

According to a pamphlet emailed to prospective buyers, Metlen is also open to a sale of its hydrogen and NZ solar development projects as part of a bid.

The company says its assets are diversified by location, connection point and offtake, while its development portfolio has been designed in response to local energy market signals and dynamics.

The sale will be conducted in a two-stage process, starting with non-binding offers within weeks. Shortlisted bidders are expected to be invited to submit binding offers, with signing in November 2024, the documents say.