DEI has concluded a significant agreement with MORE, the Motor Oil Group’s subsidiary for Renewable Energy Sources, involving the acquisition of six operational wind farms with a total maximum capacity of 107.1 MW. According to a related announcement, the wind farms consist of a total of 26 wind turbines in areas with strong wind potential in Phthiotida, Phocis, and Florina. Specifically:
- Kellas wind farm in Florina, total capacity 43.2 MW
- Opountia wind farm in Phthiotida, total capacity 3.5 MW
- Tsamadorachi wind farm in Phocis, total capacity 22 MW
- Kato Lakomata wind farm in Phocis, total capacity 19.2 MW
- Mikrovouno wind farm in Phocis, total capacity 9.6 MW
- Psaromyta wind farm in Phocis, total capacity 9.6 MW
DEI Group agreement with MORE
Simultaneously, the DEI Group agreed to acquire the remaining 51% of MORE’s participation in the share capital of a total of 12 Special Purpose Vehicles (SPVs) which are developing an equal number of photovoltaic parks in Greece with a total nominal capacity of 1,175 MW, in which the DEI Group already held 49%. The DEI Group will now hold 100% of these photovoltaic projects.
The agreement for acquiring the new wind farms and photovoltaic stations is another step in developing the DEI Group’s renewable energy portfolio, both organically and through partnerships and acquisitions, in Greece and Southeast Europe. This move contributes to achieving the DEI Group’s goal of 19 GW total renewable energy projects by 2030.
The completion of the transactions is subject to fulfilling certain customary conditions for transactions of this type, including, among others, obtaining the required approvals from competent supervisory authorities.
What was highlighted by MORE
Referring to the agreement with DEI, MORE notes that it is proceeding with targeted portfolio restructuring moves, aiming for optimal capital allocation and maximizing long-term value.
Specifically, as stated in the related announcement, on this basis, MORE reached an agreement to sell a portfolio of operating wind farms with a total installed capacity of 107 MW to PPC Renewables.
The transaction is part of the company’s active portfolio management strategy and allows for timely value realization from mature assets, while strengthening its financial flexibility.
MORE’s strategy
Within the same strategy framework, MORE is proceeding with further restructuring of its presence in the photovoltaic sector through the Unagi platform.
- MORE acquires the remaining 25% of Unagi, now holding 100% of the platform.
- Unagi proceeds with an agreement to sell a 51% stake in a portfolio of 12 photovoltaic projects with a total capacity of 1,175 MW under development to PPC Renewables, which already holds a 49% stake in this portfolio.
- After completion of the transactions, Unagi retains a 51% participation in three photovoltaic projects with a total capacity of 288 MW.
MORE is redirecting resources towards sectors where it identifies higher return prospects, focusing on further strengthening its portfolio in wind energy and storage systems. These specific technologies already represent approximately 90% of the company’s installed capacity.
Over the past five years, MORE has recorded strong development trajectory, increasing its operating installed capacity to levels now approaching 1 GW.
These transactions align with the 2030 strategic goals, with the company estimating it will achieve EBITDA above €250 million and total installed capacity of 2 GW, leveraging the strong development pipeline.
Revenue from the transactions is expected to significantly strengthen the company’s financial flexibility, enabling autonomous financing of the next development phases up to and beyond 2030.
MORE remains committed to implementing its strategy and will continue to selectively examine new investment and transaction opportunities aimed at long-term value creation for its shareholders.
The completion of the transactions is subject to fulfilling certain customary conditions for transactions of this type, including, among others, obtaining the required approvals from competent supervisory authorities.
