The Motor Oil Group presented its new subsidiary MORE (Motor Oil Renewable Energy), on Tuesday, October 11th, at the Stavros Niarchos Foundation Cultural Center.
MORE, with a vision to become the leading force in renewable energy sources, brings the production of clean energy at the center of its business activity. MORE is developing dynamically, with investments and projects of great value and pivotal importance. At the same time, it is moving forward strategically and is expanding its production units and services for a better and more sustainable future.
MORE, after integrating the RES portfolio from ELLAKTOR’s acquisition, will be approaching its next target of an installed capacity of around 1GW, which will be capable of supplying around half a million households with green energy. At the same time, MORE will have a portfolio of projects in various stages of development of more than 2.2 GW.
It is noted that MORE is one of the largest Cumulative RES Representation Bodies in Greece, representing approximately 0.5 GW. In total, MORE will be a company with approximately €130 million EBITDA and invested capital of €1.6 billion. The company’s plans include: The expansion of the portfolio of energy sources from RES, the development of storage systems and the focused engagement with offshore wind farms.
Petros Tzannetakis, Deputy CEO of Motor Oil Group, in his introductory speech stated: “Motor Oil Group has recently completed 50 years of operation, development, offering and experience. With the establishment of MORE, we are taking our next step and we are proceeding with the evolution of Motor Oil into an integrated energy company. Our priority is to ensure the energy sufficiency of our country, putting development and sustainability at the center. With a bold but carefully planned investment plan, the Motor Oil Group responds with solutions, to the need of these days for alternative sources of energy, which are important for the energy autonomy of our country”.
Victor Papaconstantinou, General Manager of MORE, stated: “Today, we are launching a key business move of the Motor Oil Group, which for us is more than an investment. We move forward with the goal of creating more perspectives, more solutions, more alternatives to create long-term value for all. At the same time, with the reliability and trust that the Motor Oil Group inspires, as well as having innovation and novelty as the main pillars of our operation, at MORE, we dare and invest in shaping a new culture of sustainability that we will leave as a legacy to the next generations”.
Finally, it is noted that during the presentation, the guests watched a particularly interesting discussion between Mr. Victor Papakonstantinou, General Director of MORE and Mr. Stavros Papathanasiou, Professor at the National Technical University of Athens. The discussion, with subject “Renewable Energy Sources in the new era: Evolution and Prospects” highlighted important facts about the RES sector, emerging trends, as well as investment prospects.
The event was celebrated with the presence of government officials, members of the parliament, institutional bodies from the energy sector, representatives of the local government and the business scene of our country.
