Petroleum group Motor Oil, making gradual, carefully considered and targeted adjustments to meet demands of the renewable energy era, has added 47 MW to its RES portfolio through the acquisition of shares in two companies, Radiant Solar Holdings and Greensol Holdings, at a total cost of 45.8 million euros, the group’s second RES sector initiative in three months.
These stakes were previously held by METKA EGN, a member of the Mytilineos group.
Motor Oil’s move into the RES market will not feature the same traits and coverage of other refining and energy sector companies, officials at the corporate group have informed. However, Motor Oil officials see diversification as necessary for a reduction of the group’s carbon footprint.
The group also plans to develop solar energy parks at its refining units as an energy-saving initiative.
Last October, Motor Oil acquired an 85 percent stake of Stefaner Energy, holding three wind energy production licenses with a total capacity of 9.4 MW.