HELLENiQ Energy expands its solar portfolio with 180 MW capacity acquisition in Greece

Greece’s prominent energy company, HELLENiQ Energy, renowned for its ownership of EKO gas stations in Bulgaria and its significant presence in the Balkans, has embarked on a substantial expansion of its solar holdings. In a strategic move set to further bolster its renewable energy portfolio, the company’s subsidiary is set to acquire a collection of solar power plants under development in Greece, boasting a remarkable combined capacity of 180 MW.

This latest development underscores HELLENiQ Energy’s continued commitment to accelerating its transition towards decarbonisation, a path it actively pursued last year. Demonstrating this commitment, the company ventured into the Romanian solar market, successfully securing deals for solar projects with an impressive cumulative capacity of 211 MW.

The newly acquired solar power plants are strategically positioned in Kozani, Northern Greece, a region historically central to the country’s coal industry. As Greece makes strides towards embracing cleaner energy alternatives, the transformation is being facilitated by European cohesion funds, marking a significant step forward in sustainable energy adoption.

The execution of this acquisition hinges on the completion and commencement of operations by UK-based Lightsource Renewable Energy Greece Holdings, following which the solar assets will become part of HELLENiQ Renewables. A phased commissioning of photovoltaic modules is slated to unfold over the next year, culminating by September 2024, with a substantial portion of the generated energy already secured through long-term trade agreements.

The solar projects were masterminded by Greek renewable energy specialist KiEFER, adding further indigenous expertise to the venture.

HELLENiQ Energy’s strategic roadmap envisions a sizeable expansion of its operational renewable energy capacity. The company is resolutely marching towards achieving a minimum of 1 GW by 2025 and an ambitious goal of surpassing 2 GW by 2030. In tandem with this pursuit, the company is also progressively advancing its presence in the realm of green hydrogen. Parallel to its peer, Motor Oil, HELLENiQ Energy is making rapid strides in cultivating its green energy division. Notably, the company is also actively engaged in the development of energy storage systems in Greece, with an impressive aggregate nominal capacity exceeding 800 MW.

Having recently extended its green energy footprint beyond Greek borders, HELLENiQ Energy made its inaugural investment in Cyprus, securing two solar parks boasting a collective capacity of 15 MW. These parks are anticipated to generate a cumulative annual output exceeding 27 GWh.

The company’s influence in the renewable energy sector is already considerable, operating an array of renewable electricity plants within Greece, collectively amassing a robust capacity of 356 MW. Furthermore, HELLENiQ Energy maintains a diverse project portfolio, encompassing over 4 GW of capacity both domestically and abroad, spanning various stages of development.

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