Motor Oil puts high on its agenda the electricity and circular economy sectors, aiming for these sectors to record EBITDA of around €500 million.

ACQUISITION

The completion of the 94.4% acquisition of Elector for €115 million, which will strengthen the Group's presence in the waste management sector, will give a significant boost to this target. It is noted that this is a market in which €5 billion of projects are expected to go on stream in the coming period.

Motor Oil's management expects the transaction to be completed within the first quarter of 2025, as the case is being investigated by the Competition Commission. It is recalled that the investigation was launched at the end of October and the decision must be issued within 90 days, while Motor Oil management appears confident that the acquisition will be successfully completed.

MORE

At the same time, the group sets a target for MORE to record an EBITDA of €250m at the end of the decade and to have 2GW of projects, up from 839 MW and €135m in EBITDA today. The ultimate goal is for MORE Energy's revenues in 2030 to reach €350 million.
The company currently has a portfolio of projects in various stages of development, with a total capacity of 2.7 GW:

• 1.6 GW of photovoltaic parks in Northern Greece, estimated to be completed by 2027
• Plans to implement a 200 MW offshore wind farm with PPC and Terna Energy in Alexandroupolis, which will be completed in 2022 and will be completed in 2035.
• Has 1,134 MW of units under development or at an advanced stage of maturity
• Has signed PPAs on 600 MW photovoltaic plants that it is developing with PPC
• Running 3 storage projects of 144 MWh

NEW UNIT

The commercial operation of the new 877 MW natural gas plant in Komotini that Motor Oil is developing with GEK Terna is also scheduled to start commercial operation within the first quarter.