HELLENiQ Energy has entered the Romanian renewables market through the acquisition of four photovoltaic projects totaling 211 MW from Mytilineos.
According to the deal between the two Greek companies, HELLENiQ Energy will take over the facilities once they become operational. Currently, they are at an advanced stage and they are expected to connect to the local network gradually from the fourth quarter of this year until the end of September of 2025.
The proposed PV plants are expected to cover the needs of 100,000 households in Romania with an annual output estimated at over 300 GWh.
Furthermore, HELLENiQ Energy said it has made a preliminary deal with an unspecified group for the development of 600 MW of photovoltaics in Romania.
The Greece-based oil refiner and distributor has shifted its focus toward green energy in the past few years and even changed its name from Hellenic Petroleum. It owns the biggest solar power plant in the Balkans and is planning to enter the offshore wind game in its home country.
In late May, the company announced its first green energy investment outside Greece. The two solar power parks it bought in Cyprus have a combined capacity of 15 MW and an estimated annual output totaling more than 27 GWh.
EUR 766 million in new financing for renewables
HELLENiQ Energy signed a deal last week with National Bank of Greece (NBG) and Eurobank on a project finance package of EUR 766 million. The funds will be directed to the development and purchases of renewable energy projects in Greece based on feed-in premiums, feed-in tariffs and corporate power purchase agreements.
It should be noted that HELLENiQ Energy has set a goal of 1 GW in renewables by 2025 and 2 GW by 2030.
PPC continues its push in Romania
Another big Greek energy player with a large appetite for acquisitions is PPC. The group struck a deal to buy Enel’s activities in Romania earlier this year. In addition, PPC is taking over Fondul Proprietatea’s stakes in five power distribution and supply firms in Romania majority owned by Enel, for EUR 132 million.
Earlier this month it has agreed to acquire a wind farm of 84 MW from Lukoil. The facility is in the Dobruja (Dobrogea) province in the country’s east.