By Eleni Bota
The management of ELLAKTOR is racing to complete the procedures for the establishment of the new company in the RES sector, in order to complete the deal with Motor Oil.
The goal is to complete the spin-off and transfer of ELLAKTOR’s renewable energy activities to the new company in which Motor Oil will acquire 75% and the construction group will retain 25% by the end of the year.
The enterprise value has been set at 1 billion euros, while the amount of funds that ELLAKTOR will collect (after deducting the debt obligations of the new company) will determine the next steps regarding the repayment of its bond construction group.
As estimated, the planned sale of 75% of the Renewable Energy division to Motor Oil will significantly improve its financial position, while it will use the proceeds from the sale to refinance and repay the company’s €670 million senior secured bonds due on 2024 and financing the development of core activities (co-financed projects, real estate development, construction).
On the other hand, the completion of the formation of the new company, makes Motor Oil Group one of the largest producers of energy from renewable sources (wind and photovoltaic parks, energy storage systems) that reaches 800MW of capacity in operational projects (493MW of Ellaktor Group and 280 MW Motor Oil Group) and a total of 2.3 GW portfolio under construction and under development.
It should be noted that ELLAKTOR Group is the second largest renewable energy producer in Greece, having 493MW, 24 wind farms, 1 small hydroelectric and 1 photovoltaic.
In addition to the installed projects, production licenses for photovoltaic parks in Epirus and Central Macedonia (137 MW) have progressed, production certificates for two energy storage systems (BESS) with a capacity of 360 MW, there is a process for issuing an operating license as a RES Cumulative Representation Body and an agreement wind farm purchase (18.4 MW – mature license).
The group’s goals are to increase installed capacity in RES by 730 MW by 2025, aiming for projects with a total capacity of 1.2 GW in operation.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
