Unagi’s 75% stake was acquired by MORE, a subsidiary of Motor Oil, as part of a strategy to further strengthen its operations in the renewable energy sector.

Who is Unagi?

Unagi is actively involved in the generation of electricity and, as stated in the relevant announcement, in the context of fulfilling its statutory purpose, may participate in other similar or related companies.

The company participates with a 51% share in the share capital of BALIAGA IKE, TEICHIO SA. and PIVOT SOLAR MONOPROSOPI IKE, which have a portfolio of photovoltaic projects in different stages with a total nominal capacity of 1.9 GW in Macedonia and Central Greece.

Some projects of Pivot Solar and Teichio in the field of photovoltaics in Western Macedonia fall under category A3 and will immediately receive permission to connect. Most of the remaining projects are also at an advanced stage of maturity and will fall into category B with the goal of being connected by the end of the year.

It is noted that the transaction included the acquisition of shares in Unagi, which was carried out by purchasing existing shares and increasing the capital of the company. Any future contribution by Motor Oil will be linked to investments in the development and construction of projects, as well as their successful implementation and operation.

4 billion investment plan
This transaction is part of the Motor Oil Group’s strategy to expand and consolidate in the renewable energy space. It is noted that in this context, by the end of 2022, 75% of the Ellactor renewable energy sector was acquired by the Motor Oil group.

As the group announced a few months ago, it plans to invest at least 4 billion euros in accordance with the energy transition plan, which is based on four strategic pillars:

1. expansion of the portfolio of renewable energy sources,

2. electrification network, input,

3. circular economy, renewable and alternative fuels and

4. Improving the adaptability and sustainability of the engine oil processing plant.

It is recalled that at the end of 2022, Ellactor (Anemos Res) acquired 75% of the renewable energy sector, which had a portfolio with a total capacity of 493 MW and a number of projects under construction with a total capacity of more than 1.6 GW. , has been completed. Following the acquisition of Anemos RES and today’s transaction, MORE will have a portfolio of renewable energy projects and energy storage systems in various stages of development with a capacity of at least 3.0 GW.