Two of the country’s leading energy groups, power utility PPC and Motor Oil, have entered an indirect partnership in the RES sector following an announcement, by the latter, of a 75 acquisition of Unagi.

According to MORE, a Motor Oil subsidiary, Unagi holds a 51 percent stake in a portfolio of 1.9 GW in solar energy projects, in Greece, currently at various stages of development. The other 49 percent of the Unagi portfolio was acquired by PPC Renewables approximately a year ago.

Unagi’s 1.9-GW in solar energy projects, located in northern and central Greece, have involved three companies, Baliaga, Pivot Solar and Teichio. Control of these projects will now be assumed by PPC and Motor Oil.

Development of the first project in this 1.9-GW portfolio is expected to commence early in 2024, PPC and Motor Oil officials have informed.

PPC plans to sign PPAs to purchase electricity produced by the Unagi solar energy facilities.

Some of the 1.9-GW portfolio’s solar energy projects located in northern Greece’s west Macedonia region are expected to soon receive connection terms from power grid operator IPTO.

Most of the Unagi portfolio’s other projects are at advanced stages of maturity, have received environmental permits, and should secure connection terms by the end of this year.