Helleniq Energy, formerly Hellenic Petroleum (ELPE), is planning a double entry into the Cypriot energy market, as, besides its investment plans in the RES sector, the company is also preparing to launch a subsidiary active in electricity supply to businesses and industries.

For the time being, Helleniq Energy does not appear to be  planning to also enter the residential electricity market.

Helleniq Energy recently acquired two solar energy farms on Cyprus. “This investment, along with the establishment of our new electricity supply company in the Cypriot market, enables us to offer integrated energy solutions to our clientele and, at the same time, contribute to the acceleration of the country’s energy transition,” noted Andreas Siamisiis, CEO at Helleniq Energy.

These two Helleniq Energy initiatives in the Cypriot market are being developed in coordination as the electricity production stemming from the solar parks, offering a total capacity of 15 MW and annual green energy capacity estimated at over 27,000 MWh, will be received and marketed by the company’s prospective electricity supply subsidiary, sources informed energypress.

Helleniq Energy is backed by a two-decade presence in Cyprus’ fuel market, through its EKO Cyprus subsidiary, represented by a network of 97 petrol stations. EKO Cyprus is the country’s market leader with a market share of over 32 percent.

Helleniq Energy plans to develop a Cypriot RES portfolio totaling 100 MW.