The oil refiner, petrochemicals producer, and filling stations operator said its 100% subsidiary HELLENiQ Renewables signed a deal on the takeover of a solar power project portfolio in Kozani.

The group of PV plants will be acquired upon the start of commercial operations from Lightsource Renewable Energy Greece Holdings (UK), the announcement reveals. The sites are in Kozani in the Western Macedonia province in northern Greece. It is the country's main coal industry hub, undergoing an economic transformation toward cleaner energy sources with the help of European funds.

Photovoltaic units from the portfolio are scheduled to be commissioned gradually next year through the end of the third quarter. Over 50% of their output is already contracted on a long-term basis, the company pointed out. The solar power projects were developed by KiEFER.

The agreement accelerates the implementation of the group's strategic plan to reach at least 1 GW of operating renewable energy capacity by 2025 and over 2 GW by 2030.

The company is slowly making progress in the green hydrogen arena as well. HELLENiQ Energy, like its competitor Motor Oil, is rapidly developing its green power branch.

At Greece's first tender for investment and operating aid for battery energy storage projects, completed earlier this month, the company got all three applications accepted, with 100 MW in operating power in total and a guaranteed capacity of an overall 200 MWh. They are licensed at locations within its Thessaloniki facility.

The competitive bidding process was for 10-year contracts for difference. HELLENiQ Energy said the permits would be valid for 25 years. It is developing energy storage systems in the home country with a total nominal capacity of more than 800 MW.

HELLENiQ Energy announced its first green energy investment outside Greece only three months ago. The two solar power parks it bought in Cyprus have a combined capacity of 15 MW and an estimated annual output totalling more than 27 GWh.

The company operates renewable electricity plants with a total capacity of 356 MW in Greece and has a project portfolio of more than 4 GW at home and abroad, in various stages of development.