Motor Oil’s 75 percent acquisition of Unagi, controlling 51 percent of RES companies Baliaga, Pivot Solar and Teichio, creates a solid foundation for the petroleum group to expand in the RES sector, especially solar energy, a sub-sector in which its investments have lagged behind as a result of a focus on wind energy projects, the group’s leadership informed analysts during a presentation of 1Q results.

Motor Oil’s takeover of Unagi primarily concerns a portfolio of licenses rather than RES projects in operation. Baliaga, Pivot Solar and Teichio hold licenses for solar energy projects throughout Greece.

The petroleum group is taking on a 1.9-GW portfolio capacity through the acquisition, of which approximately 380 MW are close to securing connection terms and are expected to be fully constructed within the next year and a half.

The amount agreed to by Motor Oil for the acquisition is 10 million euros, a relatively modest sum as it mostly concerns licenses, analysts were informed by the group’s leadership.

Motor Oil’s share of the cost for RES projects to be developed by Unagi as a first phase is estimated at 100 million euros, the group’s leadership informed.

Motor Oil’s administration, responding to a question on whether it had completed its cycle of purchases in the RES sector with this acquisition, informed it probably had done so as it now finds itself having exceeded goals set. The focus will now be on developing the portfolio’s projects, the group’s leadership stressed.