Motor Oil’s subsidiary MORE developing 2.2 GW in renewables

Motor Oil subsidiary MORE 2 2 GW renewables

Photo: MORE


October 13, 2022






October 13, 2022





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.

Two-year makeover

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.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Serbia to couple electricity market with EU by 2026 SEEPEX stojcevski

Serbia to couple electricity market with EU by 2026 – SEEPEX

01 March 2024 - Coupling will make it easier for the industry, as a consumer, and power producers to enter the electricity market

Janom Investments expands Croatia 30 MW solar power project

Janom Investments expands to Croatia with 30 MW solar power project

01 March 2024 - The planned 30 MW solar power plant in the Slavonia area is the first project of janom Investments in Croatia.

European heat pump sales drop 2023 layoffs

European heat pump sales drop in 2023, resulting in layoffs

29 February 2024 - Heat pump sales tumbled 4.7% last year in 14 countries tracked by the European Heat Pump Association (EHPA)

BiH entities set establishment of power exchange as priority

BiH entities agree that establishing power exchange is priority

29 February 2024 - Energy ministers Petar Đokić from the Republic of Srpska and Vedran Lakić from the Federation of BiH have met in Banja Luka