Sphere of strategic cooperation in the field of RES for checkpoint And Engine oil The takeover of Unagi by the Corinth refinery announced yesterday is about to begin. Motor Oil, following an aggressive acquisition strategy that it began to enter the electricity market and continued into the renewables sector with its most recent high-profile acquisition of Anemos a year ago, announced that its subsidiary has acquired More than 75% of Unagi. The latter, the holding company of brothers George and Christos Manolopoulos, who own 25% of the company’s shares, owns a 51% stake in a portfolio of photovoltaic projects in various stages of development, with a nominal capacity of 1.9 GW. in Greece. In particular, Unagi owns 51% of the share capital of Baliaga, Pivot Solar and Teichio, which in turn own 16 photovoltaic projects with a total nominal capacity of 1.9 GW in Macedonia and Central Greece. 49% of these companies have been under the control of PPC Renewables since last year, which means the development of PV parks is now split between PPC and Motor Oil subsidiaries, with the two companies strengthening their green transition collaboration after and the first partnership through the Hellenic Hydrogen joint venture. in the green hydrogen market.

The development of Unagi’s PV parks has now been jointly outsourced to subsidiaries PPC and Motor Oil.

In fact, according to the information, further expansion of cooperation between the two companies is expected as Unagi’s joint photovoltaic power will continue with PPAs to be signed with PPC Supply. That is, the energy they produce will be purchased by the checkpoint on the basis of a long-term bilateral agreement and at a pre-agreed price to serve their consumers. Out of Unagi’s total portfolio of 1.9 GW, about 500 MW of projects are mature and expected to receive connection conditions immediately, while 90% of the projects have secured environmental conditions. The two companies estimate that the first project in Unagi’s portfolio is likely to start this year.

With the acquisition of Anemos and the new deal, Motor Oil will have a portfolio of more than 3 GW of renewable energy and storage projects in various stages of development through More. The group’s subsidiary already has an installed renewable energy capacity of around 800 MW, building a rich portfolio of wind, photovoltaic and hydroelectric projects. The new agreement accelerates the energy transformation of the Motor Oil Group, which is implementing a green footprint investment plan of more than €4 billion. “This transaction brings Motor Oil closer to its goal of 2 GW of renewable energy by 2030, while significantly increasing the capacity of projects under development for More by adding mature projects that will receive connection conditions in a short time,” the report says. companies. corresponding announcement. The deal, according to the announcement, includes the acquisition of shares in Unagi, which was completed by purchasing existing shares and raising the company’s capital.