articles | 01 November 2023

Greek energy company acquires six solar parks in Cyprus

HELLENiQ ENERGY, formerly known as Hellenic Petroleum,  on Tuesday announced the acquisition of six solar parks in Cyprus with a total capacity of 26 MW.

According to the announcement, this strategic move has increased the company’s renewable energy portfolio in the country to over 40 MW. What is more, the acquisition, conducted through HELLENiQ Renewables, marks the fifth international investment in renewable energy by the group and the second in the Cypriot market, as per the company’s statement. It is estimated that this investment will lead to an additional annual production of renewable electrical energy, approximately 43 gigawatt-hours (GWh), bringing the total annual production to 68 GWh.

The new parks are set to gradually begin operations within the next five months, following the completion of the share transfer, after which they will join HELLENiQ Renewables Cyprus’s productive capacity.

Andreas Shiamishis, CEO of HELLENiQ ENERGY, stated that “this investment aligns with our group’s ‘VISION 2025’ transformation strategy. In a short period since announcing our new strategy, we have invested over €500 million in green energy projects”. “The company already has a portfolio of over 350 MW in operation and 700 MW in advanced development,” he added. Moreover, Shiamishis explained that these investments, beyond improving the group’s environmental footprint, contribute to its further internationalisation, as the group now conducts more than 50 per cent of its operations outside Greece.

HELLENiQ ENERGY, formerly Hellenic Petroleum, is a leading integrated energy group in Southeastern Europe, established in 1998. The company operates in six countries and covers the entire energy value chain. In 2022, the group’s turnover reached €14.5 billion, and EBITDA reached €1.601 billion, with total investments reaching €512 million. EKO Cyprus Ltd is a 100 per cent subsidiary of the HELLENiQ ENERGY group.

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