Greek company Aktor sets up BESS subsidiary after entering LNG trade

Power storage services are the core activity of Aktor’s new subsidiary Aktor BESS, but it could also build and operate renewable electricity and natural gas–fired plants and enter trade and distribution. The company earlier formed a business with DEPA Trade for liquefied natural gas (LNG).

Greek infrastructure and renewable energy developer and operator Aktor Group has formally positioned itself in the rapidly growing sector of electricity storage. Last week it established a 100% subsidiary called Aktor BESS, with an initial EUR 80,000 in capital.

The firm operates under Aktor Renewables and the main activity is providing electricity storage services. Aktor is apparently aiming to tap into the rapidly growing demand for batteries in Greece amid crippling wind and solar power curtailments.

In addition, battery energy storage systems or BESS are becoming a necessity because of the strengthening cannibalization effect. Operators of photovoltaics and wind parks require more predictable production profiles to for cost-effective pricing. They need to bridge the gaps between peak production and peak demand as well, as subsidies are gradually expiring.

Aktor BESS can benefit from the rapidly growing demand for battery storage in Greece

The statute of Aktor BESS points to a range of possible secondary activities. They include the construction and operation of renewable electricity and natural gas–fired plants as well as power trade and distribution and the development of technical studies.

The BESS facilities can be of the standalone type or colocated with the parent company’s production assets. Aktor Group’s Chairman and Chief Executive Officer Alexandros Exarchou is also the head of the new firm’s three-member board.

The company earlier established a joint venture for LNG and gas trade with DEPA Commercial, which controls 40%. It is also known as DEPA Emporias (in Greek), DEPA Commerce and DEPA Trading.