Hellenic Petroleum Renewable Energy Sources S.A. (ELPE RES) was established in 2006 and is 100% owned by Hellenic Petroleum (ELPE) Group. It is the company that manages the renewables portfolio of the group.
Under the scope of the company is the manufacturing, distribution and reselling of renewable energy sources and the participation in companies with similar activities.
ELPE RES has set the target of the development of a portfolio of renewable sources (wind, solar, hydro etc.) in the next years in order to decrease the CO2 footprint of the ELPE Group by 250,000 tons per annum.
ELPE RES is a small and effective group of engineers and executive staff that owns renewable sources know-how and knows the relevant Greek market. This ELPE RES team has the responsibility of implementing ELPE Group renewables strategy, receiving full support from supportive units of the group (legal, IT, PR etc.)
The current ELPE RES portfolio is comprised of 1.5 MW of PV and 8.6 MW Wind operating projects. Another 8.6 MW of PV projects are under construction to be connected to the grid in the 3Q 2017. Another 25 MW biomass projects are under various stages of development.
In addition, ELPE RES has established 2 JV companies with LARCO mining company. In this collaboration ELPE RES has 51% of the shares. The portfolio of the JV is comprised of 140 MW PV projects under development.