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The acquisition, carried out through its subsidiary HELLENiQ Renewables, is the Group’s fifth investment in RES internationally and the second in the Cypriot market.
Additionally, it is estimated to lead to an additional annual production of renewable electricity of 43 GWh, increasing the total annual production to 68 GWh.
With this investment, which is a part of Vision 2025 strategy, HELLENiQ ENERGY aims to further strengthen its role as a leader in the evolving energy sector.
The new parks will operate gradually, within the next five months, after the completion of the shares transfer, at which point they are expected to contribute to HELLENiQ Renewables Cyprus production capacity.
PricewaterhouseCoopers Ltd. (PwC CY) acted as exclusive financial advisor to HELLENiQ ENERGY, while the law firm Chrysis Dimitriadis and Associates acted as legal advisor for the transaction.
HELLENiQ ENERGY is active in Cyprus and the sector of trading of electricity from RES, to industrial customers through the subsidiary company EKO Energy Cyprus.