Motor Oil Group completes the acquisition of a majority stake in a portfolio of 1.9 GW of RES projects
Motor Oil Group is moving forward dynamically and consistently in the implementation of strategic investments and key projects, creating value for the Greek economy and society.
Motor Oil Group remains a leading force with its eyes focused on the future. An energy future, characterized by strategic investments with a “green” footprint that accelerate energy transformation.
MORE, a subsidiary of Motor Oil Group, is growing dynamically in the renewable energy sector, with green investments of great value and importance. This further strengthens the Group’s strategic development of renewable energy, with significant investments that create added value for all.
In this direction, the acquisition of 75% of UNAGI S.A. by its subsidiary MORE, which was completed today, is part of this process. UNAGI S.A. holds a 51% stake in a portfolio of photovoltaic projects in various stages with a total nominal capacity of 1.9 GW in Greece.
Looking ahead to 2030, the Group is proceeding with its largest investment plan for energy transformation projects, which will exceed €4 billion, in many different fields, focusing on 4 growth pillars: The pillar of continuous enhancement of the Refinery’s efficiency and the range of its products. The pillar of Electricity, Mobility and New Technologies. The important Renewable Energy pillar and the last one of Natural Gas and Renewable & Alternative Fuels with a focus on the Circular Economy. The Group’s subsidiary already has an installed renewable energy capacity of approximately 800 MW, having built a rich portfolio consisting of wind, photovoltaic and hydroelectric projects.
Following the acquisition of Anemos RES and today’s transaction, MORE (Motor Oil Renewable Energy) will have a portfolio of more than 3.0 GW of renewable energy projects and energy storage systems in various stages of development.
In General
- Today MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. announces that its subsidiary under the legal name MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. (MORE) acquired 75% of the share capital of the company with the legal name UNAGI S.A.
- UNAGI S.A. holds a 51% stake in a portfolio of photovoltaic projects in various stages with a total nominal capacity of 1.9 GW in Greece.
- The transaction was completed today, May 26, 2023, at the offices of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A
- This transaction brings Motor Oil closer to its goal of developing 2.0 GW of renewable energy by 2030, and significantly increases the pipeline of projects under development for MORE by adding mature projects that will receive tie-in terms in the near term.
Unagi S.A.
- Unagi SA is a holding company that owns 51% of the share capital of Baliaga, Pivot Solar and Teichio, which in turn own 16 photovoltaic (PV) projects with a total nominal capacity of 1.9GW in Macedonia and Central Greece.
- Some of the photovoltaic (PV) projects of Pivot Solar and Teichio in Western Macedonia are categorized in category A3 and will be fully licensed (connection permit) immediately.
- Most of the remaining projects are also at an advanced stage of maturity, have received environmental conditions, and will be categorised in category B with a connection permit horizon of the end of the year.
The Transaction
- The transaction involved the acquisition of Unagi’s shares, which was carried out through the purchase of existing shares and a capital increase of the company.
- Any further contribution by Motor Oil will be linked to the investments for the development and construction of the projects and their successful implementation and operation.
