Renewables

Premier Energy, Motor Oil launch joint venture for hybrid power plants in Romania

Premier Energy Motor Oil joint venture hybrid power plants Romania

Photo: Raphael Cruz on Unsplash

Published

June 24, 2024

Country

,

Comments

comments icon

0

Share

Published:

June 24, 2024

Country:

,

Comments:

comments icon

0

Share

Premier Energy joined forces with Greece-based Motor Oil by establishing a firm that bought two solar power projects of 86 MW in combined capacity. They would feature energy storage systems of 18 MW in total operating power, making them hybrid power plants.

Motor Oil is following in the footsteps of other major Greek energy companies, which began to focus on energy transition and decarbonization efforts abroad as well. The oil refiner turning greener said its subsidiary MORE, standing for Motor Oil Renewable Energy, bought a 49% stake in a joint venture in Romania. Its majority owner is the company Alive Renewable Holding Limited, operating under Premier Energy.

The new firm is taking over two photovoltaic projects with a total installed capacity of 86 MW, complemented by energy storage systems with 18 in combined operating power, Motor Oil said.

Completion is expected in the second half of next year, the companies revealed. The locations are in Buzău county northeast of Bucharest.

The acquisition is subject to antitrust and foreign direct investment approvals. Alive Capital from Premier Energy group is tasked with coordinating project development.

Motor Oil to expand throughout Southeastern Europe

Moreover, Motor Oil is in search of green opportunities and synergies in Bulgaria, Serbia and Croatia, where it has fuel sales businesses, Energypress reported, quoting unnamed insiders.

Its particular focus is on power purchase agreements or PPAs, the article adds, for risk mitigation and access to bank loans.

Premier Energy is fresh from Bucharest IPO

Premier Energy raised EUR 140 million last month at an initial public offering on the Bucharest Stock Exchange. It implied a market capitalization of EUR 490 million.

The company is Romania’s third-largest natural gas distributor and one of the largest suppliers. Its renewable energy portfolio of operating and projects under development amounts to more than 1 GW. Premier Energy said it supplies and distributes electricity to 70% of the population of Moldova or almost one million consumers.

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

macedonia mepso ebrd loan grid renewables koka basso bozinovska

MEPSO secures funds for grid investments; upgrade to enable connecting 1.2 GW of renewables

23 July 2024 - MEPSO and the European Bank for Reconstruction and Development (EBRD) have signed an agreement on a EUR 26.4 million loan

fiat grande panda stellantis serbia electric cars automobiles

Stellantis starts producing electric cars in Serbia

22 July 2024 - With the announced state subsidies, Fiat Grande Panda from the Kragujevac plant could cost around EUR 18,000

eds ceo biljana komnenic elektrodistribucija srbije

Biljana Komnenić takes helm of Serbia’s DSO

22 July 2024 - The Government of Serbia has dismissed the acting director of distribution system operator Elektrodistribucija Srbije, Bojan Atlagić

serbia dso eib loan smart meters elektrodistribucija srbije dubravka de groot

Serbia secures EUR 80 million to replace 400,000 smart electricity meters

22 July 2024 - Distribution system operator Elektrodistribucija Srbije and the European Investment Bank have signed an EUR 80 million loan agreement