Metlen Shares Surge on Green Energy Deal with Coca-Cola

Metlen Energy & Metals' shares have surged 2.5% after announcing a 10-year power purchase agreement (PPA) with Coca-Cola Tria Epsilon for green energy supply in Greece.

The deal will see Coca-Cola Tria Epsilon purchasing 100% of the electricity generated from a 12 MW photovoltaic plant in Mikro Perivolaki, Velestino, in the Prefecture of Magnesia. The project is expected to produce approximately 16.5 GWh of electricity annually.

Metlen operates a renewable energy portfolio with a capacity of approximately 0.5 GW in Greece and has completed or executed projects with a total capacity of 11.4 GW across five continents. This agreement supports Coca-Cola Tria Epsilon's commitment to sourcing 100% of its electricity from renewable energy sources, as part of parent company Coca-Cola HBC's goal to achieve net-zero carbon emissions by 2040.

Corporate PPAs are a key component of Metlen's strategy to provide energy solutions to industrial and commercial consumers. The agreement is expected to contribute significantly to the growth of Metlen's renewable energy portfolio in Greece.