The Extraordinary General Assembly of Motor Oil Group approved the acquisition of 25% of ANEMOS RES by MORE. Following the completion of the transaction, MORE now holds all (100%) shares of ANEMOS RES S.A.
The Extraordinary General Assembly of the Motor Oil Group shareholders was held today to ratify the agreement for the acquisition of 25% of the share capital of ANEMOS RES by Motor Oil Group’s subsidiary MORE, a renewable energy company. It is noted that the initial sale of 75% of ANEMOS RES to MORE was completed in December 2022.
With the completion of the deal today, which is the largest acquisition project for the Group, Motor Oil further strengthens its footprint in the Renewable Energy Sources (RES) sector and reinforces its leading position in the country’s energy landscape. The expansion of the RES project portfolio is an integral pillar of Motor Oil Group’s strategic plan for energy transition towards 2030.
The transfer of all ANEMOS RES’ shares will bring significant benefits to MORE, as MORE can now carry out an integrated operating, development and energy management programme for its projects and benefit from full autonomy in the use of ANEMOS RES’ human resources. In particular, the consolidation of the two companies’ organisational structures will lead to the creation of a single organisational entity while MORE will have full ownership of the RES projects of ANEMOS RES that are in the final stages of development.
MORE is an important pillar of Motor Oil Group’s energy transition plan. Specifically, the company operates a modern portfolio of 837 MW installed capacity, 94% of which is wind-based power generation units. In addition, it manages projects in various stages of development with a total capacity of 2.2 GW. It should be noted that during 2023, more than 450 MW of new projects were licensed with environmental permits, while final grid connection terms were obtained for 287 MW.
