Motor Oil’s MORE subsidiary eyes new RES projects, steps abroad, storage

MORE (Motor Oil Renewable Energy), the Motor Oil group’s new green-energy subsidiary, just officially presented, will strive for further RES portfolio growth, expected to reach 1 GW once an agreement with ELLAKTOR is finalized, involvement in new green technologies, including energy storage, as well as expansion abroad as its next steps.

MORE already ranks as one of the country’s biggest RES producers, following its agreement with ELLAKTOR, officials noted during yesterday’s official presentation of the Motor Oil subsidiary.

MORE stands to be a company with an EBITDA figure of approximately 130 million euros and capital investments of 1.6 billion euros, they said.

Speaking at MORE’s presentation, Petros Tzannetakis, Motor Oil’s deputy managing director, described the new subsidiary as a significant pillar in Motor Oil’s development as a vertically integrated energy group.

Victor Papakonstantinou, MORE’s general manager, noted Motor Oil group’s involvement with renewable energy is a conscious choice as both the sun and wind are key features of Greece, represent low energy production cost, have a small environmental footprint, and enable electricity generation close to points of consumption, facilitating distribution.

MORE is aiming to complete its deal with ELLAKTOR by the end of the year, company officials noted.