Hellenic Petroleum unveils up to EUR-2bn spending plan for clean energy - report

Greek energy group Hellenic Petroleum SA (ATH:ELPE) will pour up to EUR 2 billion (USD 2.4bn) into the development of clean energy projects in the next few years, Reuters reports, citing the company’s CEO.

Andreas Shiamishis was quoted as saying during an online briefing that half of the company’s total capital expenditure for 2020-2025 will go to projects facilitating the group’s transition to clean energy. The overall amount to be disbursed stands at between EUR 3.5 billion and EUR 4 billion.

According to the CEO, 50% of the proposed investment amount will be allocated for traditional activities.

Hellenic Petroleum has set a goal to deploy 600 MW of renewables capacity by 2025 so as to cut its carbon footprint by 50% until 2030. At the end of last year, it purchased a 204-MW solar project portfolio at home from German developer Juwi, intending to bring the plants online in 2022.

The Greek oil refiner is also said to be pursuing a strategy that will change its corporate structure and set up a new holding company that will remove “petroleum” from its name.

(EUR 1.0 = USD 1.200)

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