Metlen stock rises on green energy deal with Coca-Cola

Metlen Energy & Metals shares climbed by 2.5% on Thursday after the firm signed a ten-year Power Purchase Agreement with Coca-Cola Tria Epsilon for green energy supply in Greece. The deal entails Coca-Cola purchasing 100% of the electricity generated by a 12 MW photovoltaic plant in Mikro Perivolaki, Velestino, Magnesia. The plant is projected to yield approximately 16.5 GWh of electricity annually.

This agreement aligns with Coca-Cola's renewable energy sourcing in line with parent company Coca-Cola HBC's goal of achieving net-zero carbon emissions by 2040. Coca-Cola Tria Epsilon already procures 100% of electricity for its production sites from renewable sources. Metlen currently manages a renewable energy portfolio of around 0.5 GW capacity in Greece, with global projects totaling 11.4 GW across five continents.

The company's Renewable Energy Aggregator oversees a portfolio exceeding 3.2 GW in Greece, Italy, and Romania. Corporate Power Purchase Agreements are a crucial part of Metlen's approach to delivering energy solutions to industrial and commercial clients.