Motor Oil Group has recently made a significant move to strengthen its position in the renewable energy sector. The company's subsidiary, Motor Oil Renewable Energy (MORE), has successfully acquired a 75% stake in Unagi SA. This strategic acquisition grants Motor Oil Group access to a portfolio of nearly 2GW of photovoltaic projects in Greece.
Unagi SA, holding a 51% stake in a collection of solar projects, has invested in several key ventures, including Baliaga, Pivot Solar, and Teichio. Together, these companies are actively developing a combined total of 16 solar projects. The projects span across different stages of development, with some already categorized as A3, ensuring they will receive full licensing and connection permits without delay. The majority of the remaining projects are well-advanced, having obtained necessary environmental approvals and are anticipated to fall under category B, with connection permits expected to be granted by the end of this year.
With this acquisition, Motor Oil Group's subsidiary, MORE, is making remarkable progress towards amassing a diversified portfolio of renewable energy projects and energy storage systems. The addition of Unagi's assets puts MORE on track to surpass the impressive milestone of 3GW in renewable energy capacity.
It is noteworthy that MORE already boasts an installed renewable energy capacity of approximately 800MW, thanks to its prior successful development of wind, photovoltaic, and hydroelectric projects. The company has demonstrated a strong commitment to sustainable energy solutions, and this recent acquisition further solidifies its dedication to expanding its renewable energy footprint.
Furthermore, Motor Oil Group is embarking on its most ambitious investment plan yet for energy transformation projects. With a projected investment exceeding €4bn, the company is set to revolutionize various sectors associated with energy production and consumption. This substantial commitment underscores Motor Oil Group's determination to drive the transition towards cleaner and more sustainable energy sources.
The acquisition of Unagi SA and the ongoing investment plan highlight Motor Oil Group's continuous efforts to position itself as a major player in the renewable energy market. As the world increasingly embraces the importance of sustainable practices, Motor Oil Group's strategic moves align perfectly with the global shift towards a greener future.
