Motor Oil closes buy of 240-MW wind farm bundle in Greece
Wind farm in Greece. Author: Gamesa. License: All Rights Reserved.
Greek petroleum refiner Motor Oil Hellas SA (FRA:MHZ) has completed the acquisition of a 240-MW portfolio of operational and under-construction wind parks at home in a cash deal worth EUR 117.1 million (USD 143m).
The specific portfolio consists of 12 wind farms, of which 11 with a combined capacity of 220 MW are already in operation and another one of 20 MW is under construction. Most of them are located in central and northern continental Greece.
Motor Oil said earlier this week it has secured permission from the Hellenic Competition Commission to acquire the six companies owning the assets. The unnamed entities also hold a portfolio of licences for 650 MW of projects, details about which were not provided.
The deal was carried out through Motoi Oil’s Teforto Holding Ltd unit that is in charge of its renewable energy business. Energypress previously reported, citing unnamed market sources, that the vendor is private equity fund Fortress. Motor Oil is said to have taken part in a two-round tender, having Cubico Sustainable Investments and Greek petroleum company Hellenic Petroleum (ELPE) among its rivals.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.