The 204MW solar portfolio will accelerate Hellenic Petroleum’s original strategy of achieving 300MW in renewable energy sources

Hellenic Petroleum

Image: Hellenic Petroleum purchases solar portfolio under development. (Unsplash/American Public Power Association.)

Greek oil company Hellenic Petroleum has acquired a 204MW portfolio of solar plants from German developer and contractor JUWI.

The solar projects are in their final permitting stage and they will be located in the area of Kozani, Northern Greece. When installed, the 204MW portfolio will be the largest solar portfolio in the country.

The solar portfolio is expected to generate nearly 300GWh of clean energy, powering 75,000 homes, while avoiding around 300,000 tonnes of CO2 emissions per annum.

The solar portfolio will create 300 local jobs

As per Hellenic Petroleum, the solar portfolio is being built at a total investment of €130m and it will benefit the local economy, as more than 300 local jobs will be generated during the construction period along with several direct and indirect jobs during the solar portfolio’s operational period.

While the deal is expected to be closed in the second quarter of this year, the construction could take 16 months of time and the project could be operational in the fourth quarter of next year.

Hellenic Petroleum CEO Andreas Shiamishis said: “As communicated to markets a few months ago on our strategy update, our objective is to improve and develop our existing business portfolio, but also build ELPE of the future, with a key role in clean energy transition; in order to achieve that, we need a targeted and methodical approach in all our activities.

“This investment reaffirms our strategy for transforming ELPE to an energy group, strengthening our position and managing current challenges. This success will bring significant benefits, increasing company value, contributing towards our environmental targets and supporting economic growth in the country.”

The Greek oil company also stated that the transaction is part of an important step in implementing the company’s strategy to develop low carbon energy generation activities and will accelerate its original ambition of achieving 300MW from renewable energy sources.

Last month, JUWI partnered with Tri-State Generation and Transmission Association to build four new solar projects and one project that was announced and is yet to be constructed, in the US state of Colorado.

The projects will result in more than 500MW of clean energy by the end of 2023. When completed, the four solar plants will generate enough clean energy to power over 165,000 US households.