Motor Oil Group includes 2GW Greek solar portfolio

May 29, 2023 03:37 PM ET
  • The business took a majority risk in Unagi SA, which holds shares in 16 PV projects
Motor Oil Group includes 2GW Greek solar portfolio

Motor Oil Group has obtained 75% of Unagi SA, which holds a 51% stake in a portfolio of nearly 2GW of photovoltaic or pv projects in different stages in Greece.

The purchase was carried out by Motor Oil Group subsidiary Motor Oil Renewable Energy (MORE).

Unagi possesses shares in Baliaga, Pivot Solar as well as Teichio, which are establishing a mixed 16 solar projects.

Some of the projects are categorised as A3 as well as will be totally licensed (connection permit) instantly. Most of the remaining projects are also at an advanced stage of maturity, have obtained ecological problems, and also will be categorised in category B with a connection permit horizon of completion of the year.

The 1.9 GW deal puts MORE on course to have a portfolio of greater than 3GW of renewable resource projects and power storage space systems in various stages of development.

The subsidiary already has a set up renewable energy capacity of about 800MW, having actually constructed a rich portfolio consisting of wind, photovoltaic or pv and also hydroelectric projects.

Furthermore, Motor Oil Group is proceeding with its largest financial investment prepare for power transformation projects, which will certainly exceed EUR4bn, in various areas.

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