ATHENS--Greek metals and energy group Mytilineos Holdings SA (MYTIL.AT) and Spain's Endesa SA (ELE) have signed a deal to create a EUR1 billion joint venture, financial daily Imerisia reports Wednesday.
According to the newspaper, Mytilineos will also proceed with the complete absorption of its Delta Project SA (DEPRO.AT) subsidiary and its Aluminium of Greece SA (ALEK.AT) affiliate.
The joint venture company will be focused on power production in the Greek market, with Mytilineos contributing its energy assets - such as Delta Project, a natural gas power plant currently in operation, and another that is to be built.
Those assets are valued at EUR500 million, the newspaper says, adding that Endesa is expected to contribute an equal amount in capital to the new company.
Endesa will have a 50.01% stake in the joint venture and contribute EUR600 million in cash, the Mytilineos statement said.
Mytilineos will contribute all of its energy assets, including its power licenses, which have an estimated worth of EUR600 million.
Mytilineos already has one 334-megawatt power plant in southern central Greece which will begin operations in June, and is planning to build a second 430 MW unit by 2009. It also has investments in renewable energy projects as well as various trading and operating licenses.
The goal of the new company includes the construction, development and operation of electric power plants, renewable energy projects, as well as trading in electricity and CO2 emissions quotas, the statement said.
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