The European Commission Tuesday cleared Greek metals and engineering group Mytilineos Holdings SA (MYTIL.AT) and Motor Oil Hellas Corinth Refineries SA (MOH.AT) to jointly run electricity start-up Corinthos Power SA.
Mytilineos will own 65% of the joint venture and Motor Oil Hellas will own the rest.
Total investment in the power plant, which is due to be operational April 2011, will amount to EUR285 million, according to a Mytilineos press statement.