Hellenic Petroleum SA (ELPE), Greece’s largest refiner, said it will work with Larco Energy on renewable energy projects starting with a photovoltaic park with a production capacity of 17 megawatts.
Hellenic’s renewable energy unit, ELPE Renewables, will hold 51 percent of any companies set up to develop renewable energy projects while Larco Energy, a unit of Greek miner Larco SA, which is Europe’s largest ferronickel producer, will have a 49 percent stake, Athens-based Hellenic Petroleum said today in an e-mailed statement.
The collaboration with Larco is part of Hellenic’s strategic goal to produce electricity from renewable sources equivalent to 100 megawatts over the next three years, according to the statement.