Hellenic Petroleum (ELPE) plans to make investments worth between 200 and 250 million euros in the renewable energy sector over the next five years for an increase of its installed RES projects portfolio to 300 MW, George Alexopoulos, ELPE’s general manager for strategic planning, has told analysts during a presentation of the company’s results in 2018.

At present, ELPE’s installed RES capacity totals 26 MW amid a 400-MW green portfolio of unfinished projects at various stages of development.

Besides developing unfinished projects, ELPE’s investment strategy also entails project takeovers, chiefly in the wind energy sub-sector, the official noted.

As for new projects, the corporate group aims to focus on the development of solar energy facilities and biomass projects.

ELPE will strive to increase its operating profit from 700 million euros at present to one billion euros by 2020, the ELPE official informed.

Besides boosting investments in the RES sector, ELPE’s strategic plan will also include a reappraisal that is expected to lead to changes in the company’s natural gas and refining interests, the official noted.