Motor Oil Renewable Energy said it would have 2.2 GW in renewable energy projects under development when it completes the transaction with Ellaktor. There is also 85 MW under construction while the operational capacity amounts to 772 MW.
With its strategic turn toward sustainable energy technologies, Greek refiner Motor Oil decided to establish a business to handle the operations in the sector. MORE, or Motor Oil Renewable Energy, is about to complete the acquisition of a renewables portfolio from Ellaktor, accompanied by other, more complex transactions.
After the recent rebranding, the new subsidiary held a presentation to announce it would keep expanding its renewables segment, develop storage systems including green hydrogen, enter the offshore wind sector and seek opportunities abroad for electricity production and trading.
MORE aims to complete the takeover by the end of the year. It would bring together 772 MW in operating capacity, or 856 MW including facilities under construction. The firm said they would be completed by 2024. The parent company had a very modest presence in the sector just two years ago.
The new renewable energy firm’s immediate goal is to reach 1 GW in operating capacity
The project pipeline amounts to over 2.2 GW, of which 280 MW Motor Oil launched itself, executives revealed. MORE reiterated that its immediate goal is to have a total of 1 GW from renewables up and running.
Strong footing in electricity wholesale market
The new utility also pointed out that in the wholesale electricity markets it manages half a gigawatt in capacity belonging to other producers as a so-called cumulative representation body or entity – FoSE. Motor Oil, controlled by the Vardinogiannis Group, is also active in the geothermal energy sphere.
Fossil fuel companies in Europe and beyond are increasingly adding assets for the energy transition and rebranding or creating auxiliary corporate identities. Motor Oil’s Greek rival Hellenic Petroleum Group has just adopted HELLENiQ Energy as an umbrella name.