Metlen Sells 42MW Korean Solar Portfolio to HRE

• Metlen (ATH:MYTIL) offloads 42‑MW South Korea solar portfolio to HRE, sharpening its renewables focus and fueling Korean solar deal flow; financials undisclosed.

Greek industrial and energy group Metlen Energy and Metals (ATH:MYTIL) agreed to sell a 42‑MW portfolio of solar projects in South Korea to HRE Co. Ltd., a South Korean energy investment and development company. The portfolio comprises photovoltaic assets totaling 42 megawatts, with HRE acquiring full ownership through the transaction.

Financial terms and timing of the deal were not disclosed. Metlen, formerly known as Mytilineos, has been active in renewable energy development, while HRE focuses on investing in and developing power assets in the Korean market. The sale adds to activity in South Korea’s solar sector as companies optimize portfolios.

What strategic goals drive Metlen’s 42-MW Korean solar sale to HRE?

• Recycle capital from a small, non-core cluster into larger pipelines with higher returns (utility-scale solar, hybrid and storage) in core regions
  
• Crystallise development value while Korean investor demand supports strong asset valuations
  
• Reduce exposure to Korean regulatory, grid and REC/merchant price volatility and FX risk
  
• Streamline operations by exiting a sub-scale O&M footprint far from Metlen’s main hubs
  
• Free up balance sheet capacity and improve leverage metrics ahead of a heavy capex cycle
  
• Demonstrate an asset-rotation model that converts pipeline into cash, supporting shareholder returns and new investments
  
• Deepen a strategic relationship with a local player (HRE) to enable future co-development or offtake routes without owning assets
  
• Reallocate resources toward projects with secured long-term PPAs and clearer policy visibility
  
• Diversify revenue timing by converting long-dated project cash flows into immediate liquidity
  
• Sharpen portfolio focus on industrial decarbonisation projects where Metlen can bundle EPC, energy supply and trading capabilities