Helleniq Energy Holdings SA, the Greek oil company, has taken another significant step in bolstering its presence in the renewable energy sector. In a recent development, the company has signed a binding agreement to acquire a portfolio of solar park projects in Cyprus, amounting to 26 MW in capacity. This strategic move reflects Helleniq Energy's commitment to expanding its renewable energy activities.
The portfolio comprises six photovoltaic (PV) schemes, with an expected commissioning date set for the coming year. While the financial details of the transaction and the identity of the vendor remain undisclosed, it's anticipated that these solar farms will collectively generate approximately 43 GWh of electricity annually. Ownership of the projects will transfer upon the commencement of commercial operations, a milestone projected for the first quarter of 2024.
This acquisition follows Helleniq Energy's recent endeavor to purchase 180 MWp of solar projects in Kozani from Lightsource Renewable Energy Greece Holdings in August. Notably, the company already possesses 40 MW of renewable energy assets in Cyprus.
Helleniq Energy's long-term strategic vision aims for the operation of at least 1 GW of renewable energy by 2025, with a more ambitious target of exceeding 2 GW by 2030. These developments underscore the company's dedication to sustainable and environmentally friendly energy solutions.