Premier Energy and Greece-based Motor Oil partnered to form a company that acquired two solar power projects totaling 86 MW. They would be hybrid power plants with energy storage systems with a combined operating power of 18 MW.
Like other significant Greek energy companies, Motor Oil started concentrating on energy transition and decarbonization initiatives overseas. The environmentally conscious oil refiner announced that Motor Oil Renewable Energy, a subsidiary of MORE, had acquired a 49% share in a Romanian joint venture. Premier Energy is the operating company of Alive Renewable Holding Limited, which holds the majority of its ownership.
According to Motor Oil, the new company is taking over two photovoltaic projects with a combined installed capacity of 86 MW. In addition, energy storage systems with a combined operating power of 18 are being taken over.
According to the companies, completion is anticipated in the second half of next year. The locations are northeast of Bucharest, in the county of Buzău.
Approvals for foreign direct investment and antitrust are pending for the acquisition. The Premier Energy group’s Alive Capital is in charge of project development coordination.
Motor Oil will spread across the continent of Southeast Europe
Furthermore, Energypress reported, citing anonymous insiders, that Motor Oil is looking for synergies and green opportunities in Serbia, Bulgaria, and Croatia, where it operates fuel sales businesses.
According to the article, power purchase agreements, or PPAs, are specifically highlighted for risk mitigation and bank loan accessibility.
Premier Energy is fresh from Bucharest IPO
Premier Energy completed an IPO on the Bucharest Stock Exchange last month, raising EUR 140 million. It suggested a EUR 490 million market capitalization.
The company is one of the biggest suppliers and the third-largest distributor of natural gas in Romania. It has more than 1 GW of operating and planned renewable energy projects in its portfolio. According to Premier Energy, it provides and distributes power to nearly a million customers, or 70% of Moldova’s total population.
