HELLENiQ Energy diversifying oil business with 110 MW solar power purchase

HELLENiQ Energy is moving forward with its effort to evolve from being strictly a refiner and fuel retailer to a wider energy group. Its investments include renewable energy, hydrogen, energy storage and electrification.

The Greek company, formerly known as Hellenic Petroleum (HELPE or ELPE), said it purchased six photovoltaic farms through its HELLENiQ Renewables subsidiary. They were developed by Lightsource bp in Kozani in the Western Macedonia province of northern Greece. The facilities have 110 MW in total capacity.

The solar parks use bifacial modules and cutting-edge energy management systems, connecting them jointly to a local ultrahigh voltage transmission node. They entered full commercial operation since May 2024. The units have corporate power purchase agreements (PPAs) signed for their output.

Combined annual production is estimated at 175 GWh, enough to cover the needs of 41,000 local households while reducing CO2 emissions by 98,000 tonnes per year.

“With investments such as this new 110 MW photovoltaic park, we actively support ambitious national goals for an energy transition and the the strengthening of the country’s efforts toward energy sufficiancy and security,” said Deputy CEO George Alexopoulos.

HELLENiQ Energy participated in the first energy storage auction for standalone battery plants, where it won support for a 50 MW project. The group plans to invest in a 500 MW pumped storage hydroelectric plant in Grevena.

Vision 2025 plan includes 5.3 GW pipeline

HELLENiQ Energy’s Vision 2025 envisages 1 GW of renewable capacity, up from around 500 MW including the new acquisition. The group aims to develop a total pipeline of 5.3 GW in three countries of Southeast Europe – Greece, Romania and Cyprus.

In Romania, HELLENiQ Energy is developing four photovoltaic projects of 211 MW in total under an agreement with Metlen Energy and Metals, which was until recently called Mytilineos. They are scheduled for completion next year. Annual production is estimated at an overall 300 GWh. HELLENiQ Energy has announced a preliminary deal with an unspecified group for the development of 600 MW of photovoltaics in the country.

The company intends to complete a 200 MW photovoltaic plant in the Alexandroupolis area next year, under a new industrial PPA regime that the government introduced.

HELLENiQ Energy is expected to finance its energy transition partly through EUR 200 million from the intended sale of its 35% share in DEPA Commercial, a natural gas supplier in Greece. The government passed an amendment earlier this week that paves the way for the sale.