Motor Oil Group, a Greek oil refining business, has completed the acquisition of a controlling stake in Unagi, a company with interests in 1.9 GW of solar projects in different stages throughout Greece, through its subsidiary Motor Oil Renewable Energy (MORE). Motor Oil intends to invest more than €4 billion in energy transformation projects. The company is focused on natural gas, renewables, and alternative fuels, with a focus on the circular economy, in addition to investing in refinery development. 

The company’s subsidiary MORE already has an installed portfolio of 800 MW, which is made up of a number of hydroelectric, solar, and wind projects. According to Motor Oil, the most recent acquisition will help it get closer to its 2030 target of building a 2 GW renewable energy portfolio.

Unagi owns a 51 per cent stake in Baliaga, Pivot Solar, and Teichio. They, in turn, manage 16 solar plants totaling 1.9 GW in Macedonia and central Greece. Some Pivot Solar and Teichio projects in western Macedonia are expected to be fully licensed or to acquire connection permits immediately. Several of the remaining projects are in advanced stages of maturity and have also received environmental confirmations. Connection permits for these are scheduled to be received by the end of 2023.

REGlobal’s Views: Large oil and gas companies are increasingly diversifying their portfolios and are focused on growing the share of renewable energy in their mix. This large acquisition by Motor Oil will give the company the required experience, reach and market share in renewable energy and help the company to move closer to its target.