ELPE sees new acquisitions in the RES market

By Harry Floudopoulos

The RES sector has entered dynamically into the strategy of the Hellenic Petroleum group, being now a separate sector with a strong investment and growth impetus. It is characteristic that in a short period of time the RES activity increased tenfold, which in fact represented a significant part of the investments of 400 million euros that were implemented by ELPE in 2021.

Specifically, 60% of the total investments of ELPE in 2021 concerned projects for transition to green energy. In addition, after the successful acquisition of the Kozani photovoltaic project by the German Juwi, which was built in record time, the group now owns the largest RES project in the country and one of the largest photovoltaic parks in Europe.

In the field of RES, as mentioned during the briefing of the shareholders in the framework of the regular annual General Meeting of the group Mr. Siamisis, ELPE are in discussions to further increase their productive base. “We believe that the development should come from a combination of acquisitions and the development of new parks that will bring greater value,” said Mr. Siamisis.

Emphasis on RES

Indicative of the importance given by the management of ELPE in the field of RES is the fact that the development of the new activity of the pillar, which until recently did not exist, is one of the main priorities of the group for the next period. Specifically, among the strategic goals for 2022 is the acceleration of the RES strategy and the carbonization of oil value chain activities.

It is recalled that in the second quarter of 2022 the installed capacity of ELPE in RES reached 285 MW, while the medium-term target for installed RES capacity was upgraded from 0.6 GW to 1 GW. At the same time, the total of the projects under development exceeds 2 GW.

Two more acquisitions

The mobility on the acquisition front, however, has already begun and, as Mr. Siamisis mentioned, the ELPE is already counting two important moves that were completed in the previous period. Specifically, in the fourth quarter of 2021, wind farms with a capacity of 38 MW with a very high capacity were acquired. Also, in the first quarter of 2022, a photovoltaic park was purchased with an installed capacity of 16 MW.

These movements are not going to stop and in combination with the organic development of the portfolio of projects belonging to ELPE are expected to fuel the development of the sector in the near future and lead to the achievement of the medium-term goal for an installed capacity of 1 GW.