Metlen Energy & Metals and the Tsakos Group have agreed to form a joint venture to develop a 251.9 MW solar PV project paired with a 375 MWh battery energy storage system in Central Greece, with construction expected to start in 2026 and completion targeted for early 2028.

The key feature of the transaction is not the scale, but the ownership structure. The Tsakos Group will hold 60% of the JV, providing the majority of the capital, while Metlen retains 40%, alongside responsibility for EPC execution and commercial management. Control follows capital, while execution remains with the developer.

This structure reflects a clear shift in how hybrid solar-plus-storage assets are being financed. Capital providers are increasingly unwilling to remain passive minority partners. Instead, they are taking majority equity positions while outsourcing delivery and market optimisation to experienced operators.

For Metlen, this is a capital-efficient way to stay embedded across the asset lifecycle without carrying the balance-sheet load. For Tsakos, majority ownership secures governance over a long-dated infrastructure asset while limiting execution risk through a proven counterparty.

More broadly, the deal signals how Greek hybrid projects are being underwritten. As storage becomes essential to revenue stability, investors are prioritising control, downside protection, and operational certainty over pure development optionality. This partnership shows where bargaining power now sits—and how developers must structure deals to stay in the stack.

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