Gas supplier DEPA Commercial’s move into the renewable energy sector through a 49 percent acquisition of North Solar, a company developing solar energy projects with a total capacity of 499.61 MW in northern Greece’s west Macedonia region, provides new prospects and added value to the gas company’s ongoing privatization procedure.
The agreement between DEPA Commercial and North Solar, announced last Friday, diversifies the gas company’s energy portfolio, activities, earnings potential and risk.
The move follows in the footsteps of strategies adopted by numerous international gas companies, expanding their reach into the RES sector to broaden their revenue sources and reduce environmental footprints.
DEPA Commercial is currently at the final stage of a sale launched by privatization fund TAIPED.
In addition to the prospective benefits promised by its RES entry, the gas company is also expected to gain in value as a result of its detachment from previous gas-auction responsibilities maintained during the market’s liberalization process.
DEPA Commercial’s market share appears to have stabilized at levels of approximately 40 percent, while the company’s financial performance, according to sources, improved in 2020.