Helleniq Energy eyes acquisition of 20-MW solar park in Cyprus - report

Greek energy group Helleniq Energy (former Hellenic Petroleum) is close to buying a 20-MW solar park in Cyprus in a deal expected to be sealed within the next few weeks, Insider Greece reports.

The target 20-MW photovoltaic (PV) farm is already generating electricity. Specific details about its location and annual output were not available.

The transaction will mark the Greek firm’s entry into the renewable energy market in Cyprus where Helleniq Energy allegedly intends to become a key player and build a portfolio totalling 50 MW-100 MW.

In addition to Cyprus, Helleniq Energy intends to expand its business in the Balkans and Southern Europe, its CEO Andreas Shiamishis told sister publication SeeNews last November. The plan is part of the company's strategy to pursue growth both organically and through acquisitions.

Hellenic Energy targets 1 GW of projects in operation by 2026 and 2 GW by 2030, a development that will enable a 50% reduction in its carbon footprint by 2030. At end-2022, the Greek group owned 341 MW of installed renewable energy assets. It said in its 2022 annual report it also had a pipeline of 2.5 GW of projects, mostly solar, wind and energy storage, in various stages of development.

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