Helleniq Energy officials say the projects are in an advanced stage of development and are expected to enter commercial operation gradually from 4Q/2023 to 3Q/2025. The total annual production of the projects is expected to exceed 300 GWh of green energy, enough to meet the needs of 100,000 households in Romania.
The projects are part of the international renewables portfolio that is being developed by M Renewables, under the Energy sector of MYTILINEOS. Said transaction is part of MYTILINEOS’ ongoing asset rotation program, designed to accelerate value creation from the M Renewables platform as proceeds are being redeployed in the development of our large pipeline.
This agreement marks Helleniq Energy Group’s entry into Romania’s rapidly growing RES market. It is also the group’s second entry in the international RES market over the last months, following the recent entry in Cyprus’ RES market, accelerating its portfolio growth, and strengthening its extroversion.
Helleniq Energy is one of the leading energy groups in South-East Europe, with activities spanning across the energy value chain and presence in six countries. The Group’s main activities include Refining, Supply, and Trading of petroleum and petrochemical products, Fuels Marketing both in Greece and internationally, Renewable Energy Sources, Power Generation & Trading, as well as Supply, Distribution, and Trading of Natural Gas.
PwC Romania provided financial and fiscal due diligence services as well as assistance in the transaction to Greece’s Helleniq Energy Group. The team that provided financial due diligence services and assistance consisted of Cornelia Bumbacea, Partner PwC Romania, Laura Paraschiv, Senior Manager, Daniela Gulie, Manager, Florin Moraru, Senior Associate. The fiscal due diligence services were provided by a team made up of Andreea Mitirita, Partner, Anca Lungeanu, Manager, Madalin Manea, Manager, Cristina Georgiana Lazar, Associate, and Emran Regep, Senior Associate.