Hellenic Petroleum ELPE is moving ahead with a full transformation, both in terms of investments, taking a turn focused on green energy, as well as administratively, through a revision to soon nullify a 2003 agreement that has given the Greek State, holding a 35.5 percent stake, majority rights, represented by 7 of 13 board members.
Legislation ratified last year and set to be implemented on July 17 will give company shareholders board representation rights reflecting their respective stakes in ELPE.
Besides the Greek State’s 35.5 percent share, the Latsis group’s Paneuropean holds a 47 percent stake in ELPE, while the remaining 17.5 percent is free-floating.
The company is scheduled to hold a general shareholders’ meeting on June 30, when a new board is expected to be voted in.
It is believed that ELPE’s administrative duties will be taken on by a new holding company, now in the making, possibly with its headquarters abroad. Its board membership is expected to be trimmed to 11 from ELPE’s 13 at present.
The ELPE group’s subsidiaries as well as stakes in various companies, including refineries, petroleum product trading companies, namely EKO and BP, as well as ELPE Renewables, energy supplier Elpedison and plastic packaging firm Diaxon, will all be transferred to the new holding company, sources have informed.
Hellenic Petroleum group subsidiary ELPE Renewables has agreed to buy an unfinished 204-MW solar energy project, Greece’s biggest, undertaken by Germany’s Juwi close to Kozani in Greece’s north, energy minister Costis Hatzidakis has announced, noting the two sides will sign an agreement on February 17.
Juwi has already agreed to a 5.73 cents per KWh tariff rate for this project. The German company took part in a mixed (solar and wind) RES auction held by RAE, the Regulatory Authority for Energy, last April.
ELPE Renewables should be able to recommence the project’s development once the acquisition has been finalized. The solar energy park, located 15 km from Kozani, could be completed by the second half of 2021, it is estimated.
The total investment is expected to reach 150 million euros. The facility’s remaining construction work will create over 250 jobs, while locals and municipalities will be compensated 500,000 million euros annually through surcharges to be imposed over a 30-year period, the project’s expected lifespan.
The acquisition constitutes a decisive move for ELPE as it promises to cover more than two thirds of the group’s 300-MW short-term goal for installed capacity.
Established in 1996, Juwi is a member of the MVV Energie AG group, one of Germany’s leading energy corporations. Juwi has designed and developed 1,700 solar energy facilities with a total capacity of approximately 2,500 MW and 1,000 wind energy farms totaling roughly 2,300 MW. Its projects generate approximately 8 billion KWh of clean energy annually.