Motor Oil Group has acquired 75% of Unagi SA, which holds a 51% stake in a portfolio of almost 2GW of photovoltaic projects in various stages in Greece.
The acquisition was undertaken by Motor Oil Group subsidiary Motor Oil Renewable Energy (MORE).
Unagi owns shares in Baliaga, Pivot Solar and Teichio, which are developing a combined 16 solar projects.
Some of the projects are categorised as A3 and will be fully licensed (connection permit) immediately. Most of the remaining projects are also at an advanced stage of maturity, have received environmental conditions, and will be categorised in category B with a connection permit horizon of the end of the year.
The 1.9GW transaction puts MORE on track to have a portfolio of more than 3GW of renewable energy projects and energy storage systems in various stages of development.
The subsidiary already has an installed renewable energy capacity of approximately 800MW, having built a rich portfolio consisting of wind, photovoltaic and hydroelectric projects.
In addition, Motor Oil Group is proceeding with its largest investment plan for energy transformation projects, which will exceed €4bn, in many different fields.