Greek petroleum refiner Motor Oil Hellas (FRA:MHZ) has acquired a majority interest in domestic solar power producer Unagi SA, thus getting access to its ownership in a photovoltaic (PV) portfolio of 1.9 GW.
Motor Oil Renewable Energy Single Member SA (MORE) has purchased 75% of its compatriot’s stock, the petroleum group said in a bourse filing on Friday. Financial details about the transaction were kept under wraps.
Unagi is the holder of a 51% interest in three companies, namely Baliaga Ike, Teichio SA and Pivot Solar Single Member Ike, which collectively hold the 1.9-GW portfolio. The assets are located in Macedonia, Greece’s largest and second-most-populous region, and in Central Greece. Specific details about the projects were not available.
The acquisition is aligned with Motor Oil’s strategy to expand into the renewable energy segment. The company is already partnering with domestic utility PPC SA in a joint venture dedicated to the development of green hydrogen projects at home.
