Greece: Motor Oil’s acquisition of wind portfolio completed

, SEE Energy News

The acquisition consists of 220 MW in already operational wind farms in central and northern Greece with additional 20 MW currently under construction. Greek oil refiner Motor Oil has completed the acquisition of a 240 MW portfolio of operational and under-construction wind farms in Greece in a cash deal worth 117.1 million euros. Motor Oil said in a statement that the companies operating these wind farms hold additional 650 MW in licenses, without providing further details on these licenses.

Motor Oil continues to make investments in renewable energy and last year it added 47 MW to its renewable portfolio through the acquisition of shares in two companies – Radiant Solar Holdings and Greensol Holdings, for 45.8 million euros. These stakes were previously held by METKA, a member of the Mytilineos group. It also acquired 40 MW wind project in northern Greece from Kellas Wind Power. In 2019, Motor Oil acquired an 85 % stake of Stefaner Energy, which holds three wind farm production licenses, with a total capacity of 9.4 MW. The company’s move into the RES market will not feature the same coverage of other refining and energy sector companies, but they see diversification as necessary for a reduction of the group’s carbon footprint. The group also plans to develop solar power plants at its refining units as an energy-saving initiative.