Ljubljana-based fuel retailer Petrol has been diversifying its portfolio toward integrated energy services and renewable electricity production. More than one third of capital expenditure in the next five years will be directed into the energy transition.
Energy efficiency, renewable power, electric mobility and mobility services have been given a substantial role in the plan for 2021 to 2025, Petrol revealed. The Slovenian company said it would use 35% of the investment budget for its energy transition, implying a drop in the carbon footprint.
The Government of Slovenia controls a minority stake in the firm headquartered in Ljubljana. While its core business is the distribution and trade in oil products, the management acknowledged the need to expand the offer of its integrated energy services at home and abroad as an opportunity for high added value.
Petrol’s five-year investment plan is worth EUR 698 million. The company said it would focus its electric mobility and mobility portfolio on charging infrastructure, operating leases, fleet electrification and fleet management services. It aims to raise the number of charging points to 1,575 by 2025 and boost its renewable electricity production capacity by 78% to 160 MW.
Expansion underway in energy efficiency, renewable energy, mobility
Energy savings of 73 GWh for end-customers will be achieved through energy renovation projects, according to Petrol, which is also active in electricity supply and trading and the heating sector. It compares to 51 GWh for 2020.
Petrol is committed to the transition to a low-carbon energy company, partnership with employees and the circular economy
“Energy transition towards a low-carbon society and the development of new technologies are transforming established ways of how energy products are produced, sold and used. Petrol is committed to making a transition to green energy and is making significant investments to achieve it. While co-creating opportunities brought about by the energy transition we will also continue to ensure the supply of the hydrocarbon market,” the statement reads.
The firm said it would work on operational efficiency to secure the funds and complement the core activities with energy transition efforts. “The Petrol Group recognises the importance of sustainable development. The transition to a low-carbon energy company, partnership with employees and the social environment, and the circular economy constitute the Petrol Group’s business commitments in this strategic period,” the document adds.
Green power projects in Croatia, Serbia
The Slovenian energy company vowed to reduce emissions and carbon footprint through the development of its fuels and by pursuing sustainable policies. In the renewable energy sector, it highlighted the ambitions for Croatia, where it scheduled the start of production at its Ljubač wind farm near Knin for early April.
The company is involved in a 103.2 MW wind farm project in Serbia
The company owns the 20.7 MW Glunča wind park in the same area and has a 50% interest in the nearby 30 MW Dazlina project. Petrol group holds 25% of Austrian-based Ivicom Energy’s subsidiary in Serbia. It plans to build a 103.2 MW wind power plant called Krivača in the eastern part of the Balkan country.
Petrol earlier said it has a 200 MW portfolio of developed or developing wind and solar parks and that it is also investing in small hydropower plants.
The firm underscored it aims to achieve EUR 336 million in earnings before interest, taxes, depreciation, and amortization or EBITDA in 2025 and projected a EUR 180 million net profit for the year.