Greece-based oil company Hellenic Petroleum has acquired a portfolio of solar photovoltaic (PV) projects from German RES developer and contractor JUWI.

Located in the area of Kozani, northern Greece, the 204MW solar portfolio is in the final permitting stage.

Hellenic Petroleum CEO Andreas Shiamishis said: “As communicated to markets a few months ago on our strategy update, our objective is to improve and develop our existing business portfolio but also build ELPE of the future, with a key role in the clean energy transition. In order to achieve that, we need a targeted and methodical approach in all our activities.

“This investment reaffirms our strategy for transforming ELPE to an energy group, strengthening our position and managing current challenges.”

The solar project is reported to be the largest RES plant in Greece and also one of the five largest PV plants in Europe.

With 300GWh annual power generation capacity, the solar project is being built with an investment of €130m.

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The clean energy generated from the facility will be sufficient to power 75,000 homes and will offset approximately 300,000t of carbon emissions annually.

During the construction period, the project is expected to generate 300 employment opportunities in the region.

The completion of the deal is expected to take place in the second quarter of this year and operations are scheduled to begin in the fourth quarter of 2021.

The acquisition is in line with Hellenic Petroleum’s strategy of developing new low-carbon activities.

Shiamishis added: “This success will bring significant benefits, increasing company value, contributing towards our environmental targets and supporting economic growth in the country.”

PricewaterhouseCoopers (PwC) Business Solutions served as the financial advisor to Elpe Renewables, while Zepos & Yannopoulos acted as legal advisor for the transaction.