Helleniq Energy snaps up 26-MW solar bundle in Cyprus

Greek oil company Helleniq Energy Holdings SA (FRA:HLPN) has signed a binding deal to acquire 26 MW of solar park projects in Cyprus as part of its efforts to grow its renewable energy activities.

The portfolio in question includes six photovoltaic (PV) schemes that are expected to be commissioned next year, the buyer said in a bourse filing on Tuesday. The name of the vendor and financial details about the transaction agreed by Hellenic Renewables were not disclosed.

Once in operation, the solar farms are expected to generate around 43 GWh of electricity per year. Their ownership will be changed after the launch of commercial operations, which is seen to take place in the first quarter of 2024.

The deal is Helleniq Energy’s latest investment in the renewables fields and comes on the heels of a plan for the purchase of 180 MWp of solar projects in Kozani from Lightsource Renewable Energy Greece Holdings in August. In Cyprus, the oil refiner owns 40 MW of renewable energy assets.

Helleniq Energy group’s strategic plan is to have at least 1 GW of renewables in operation by 2025 and over 2 GW by 2030.

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