08 Sep 2022
minutes read

MORE, Motor Oil Group’s subsidiary becomes a leading force in the RES sector

At today’s Extraordinary General Meeting, Motor Oil Group approved the transaction between MORE (Motor Oil Renewable Energy) and ELLAKTOR for the acquisition of the 75% of the Renewable Energy Sources division.

Motor Oil Group, realizes a major growth plan, diversifies its portfolio of activities in the wider energy sector while simultaneously strengthens its future development platform.

The approval of this transaction is followed by the signing of the relevant draft Purchase Agreement and the draft Shareholder Agreement between the two Companies.

Following this transaction, MORE will become a leading force in the field of RES, one of the largest RES producers in Greece and one of the most important in Southeastern Europe. MORE’s RES portfolio will be capable of supplying about half a million households with green energy. At the same time, MORE will continue to develop a combined portfolio of 2.3GW capacity at various stages of development.

Specifically, with the completion of the acquisition, MORE will operate a portfolio with installed capacity of 772 MW which is set to grow to 856 MW taking into consideration projects currently under construction. Therefore, ΜΟRE is expected to approach its next target of 1 GW installed capacity earlier than its initial estimates.

Based on the reported 2021 financial statements, Ellaktor’s RES division would contribute €84 million ΕΒΙTDA to MORE on a pro-forma basis. At a Group level (Motor Oil Group), MORE’s 2021 contribution (pro forma for the transaction), would amount to 22% of the Group EBITDA (compared to 9% as reported).

Acting prudently and consistently, MORE executes its ambitious growth plan, by implementing, through strategic investments and collaborations, projects of great value and key importance in the country.

CITIGROUP GLOBAL MARKETS EUROPE AG acted as Motor Oil Group’s financial advisor for the transaction.