Motor Oil Group, an oil and gas company through its subsidiary Motor Oil Renewable Energy (MORE), acquired 75% of Unagi SA, which holds a 51% stake in a portfolio of photovoltaic projects in various stages with a total nominal capacity of 1.9 GW in Greece.
The acquisition significantly increases the pipeline of projects under development for MORE by adding mature projects that will receive tie-in terms in the near term.
Most of the projects owned by Unagi are at an advanced stage of maturity, have received environmental conditions, and will be categorized in category B with a connection permit horizon of the end of the year. The transaction involved the acquisition of Unagi’s shares, which was carried out through the purchase of existing shares and a capital increase of the company.
The 1.9 GW transaction puts MORE on track to have a portfolio of more than 3GW of renewable energy projects and energy storage systems in various stages of development.
According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 27 solar M&A transactions in Q1 2023 compared to 38 in Q4 2022. In a YoY comparison, M&A activity decreased slightly compared to Q1 2022.
Petronas, a Malaysian state-owned oil company, announced that its clean energy subsidiary Gentari Renewables Australia had completed the purchase of Australian renewables firm Wirsol Energy, which has solar and battery energy storage integration capabilities and a pipeline of development projects. The financial terms of the transaction were not disclosed. Wirsol Energy, which entered the Australian renewable energy market in 2017, owns and operates renewable energy and storage projects across New South Wales (NSW), Victoria, and Queensland.