Metlen stock rises on green energy deal with Coca-Cola

Metlen Energy & Metals (ATH:METLEN) shares have risen 2.5% on Thursday following the announcement of a strategic ten-year Power Purchase Agreement with Coca-Cola Tria Epsilon for green energy supply in Greece.

Get premium news and AI stock picks by upgrading to InvestingPro

Under the agreement, Coca-Cola Tria Epsilon will purchase 100% of the electricity generated from a photovoltaic plant with approximately 12 MW capacity located in Mikro Perivolaki, Velestino, in the Prefecture of Magnesia. The project is estimated to produce approximately 16.5 GWh of electricity annually.

The deal supports Coca-Cola Tria Epsilon’s renewable energy sourcing as part of parent company Coca-Cola HBC’s commitment to achieve net-zero carbon emissions by 2040. Coca-Cola Tria Epsilon currently sources 100% of electricity for its production facilities from renewable energy sources.

Metlen operates a renewable energy portfolio of approximately 0.5 GW capacity in Greece. Globally, the company has completed or is executing projects with a total capacity of 11.4 GW across five continents. The company’s Renewable Energy Aggregator manages a portfolio with total installed capacity exceeding 3.2 GW across Greece, Italy, and Romania.

Corporate PPAs represent a key component of Metlen’s strategy to provide energy solutions to industrial and commercial consumers.