Motor Oil renewables arm acquires 1.9GW of solar projects in Greece

Facebook
Twitter
LinkedIn
Reddit
Email
The 204MW Kozani solar project in Greece was commissioned by juwi in 2022. Image: juwi.

Motor Oil Renewable Energy (MORE) has acquired a majority stake in holding company Unagi S.A., which holds a 51% stake in three solar power companies in Greece, with a combined capacity of 1.9GW.

MORE, a subsidiary of Greek energy company Motor Oil, has acquired a 75% stake in Unagi SA which owns the subsidiaries Baliaga, Pivot Solar and Teicho. While the company did not announce the value of the acquisition, the move forms part of its €4 billion (US$4.3 billion) investment plan for what it calls “energy transformation projects.”

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

With the acquisition of the 16 new PV projects, MORE’s portfolio now boasts a capacity of more than 3GW, following its acquisition of the Ellaktor Construction Group’s renewable energy arm in December 2022. MORE said that the majority of its new Greek acquisitions are “at an advanced stage of maturity,” and expects to receive permitting for grid connections by the end of this year.

MORE has a number of ambitious renewable power goals, headlined by its target to produce 2GW of renewable power at its own facilities by 2030, up from 279MW in 2021. The company also plans to reduce its scope one and two greenhouse gas emissions by 30% of its 2021 levels by 2030, and reduce its scope three emissions by 25% of its 2021 levels by the end of the decade.

The company completed the deal on 26 May, and announced the transaction three days later, and follows strong financial performances in recent years. According to Motor Oil’s 2022 financial report, the group’s earnings before interest, tax, depreciation and amortisation increased by 245.79% between 2021 and 2022, and the work of MORE helps demonstrate how fossil fuel majors can invest in renewable power projects.

However, questions remain as to how effectively solar power acquisitions could offset the company’s carbon emissions. In 2021, Motor Oil’s facilities produced more than two million tonnes of carbon dioxide equivalent, and that year, its renewable power portfolio produced enough electricity to offset just 360,000 tonnes of emissions, according to the company.

The deal is the latest significant power infrastructure deal signed in Greece, following Infinity Power and the Copelouzos Group’s agreement to develop a 3GW subsea power cable.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

October 6, 2025
An expert panel has identified a series of grid failures that led to April's unprecedented power outage in Spain and Portugal, ruling out renewables as the leading cause.
October 2, 2025
FRV Australia has announced the completion of its largest solar project to date, the 300MW Walla Walla Solar Farm in New South Wales.
September 30, 2025
Global investor KKR has acquired 50% of a 1.4GW solar portfolio in North American from French oil major TotalEnergies.
September 17, 2025
Spanish IPP Velto Renewables has acquired a portfolio of 53 operational solar assets in Spain with a combined capacity of 260MW.
September 4, 2025
India’s Goods and Services Tax (GST) Council, the joint forum of the Centre and States, has reduced the GST rate on renewable energy components from 12% to 5%. 
September 4, 2025
Indian solar manufacturer Waaree Energies has acquired a 64% equity stake in power transformer manufacturing company Kotsons.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK