A memorandum of collaboration was signed in May 2011 by “HELLENIC PETROLEUM S.A.” and “G.M.M.A.E. LARCO S.A.” for the investigation of Photovoltaic stations’ development at areas of activation, use or property of the latter. For this purpose, the establishment of the two following subsidiaries was agreed:
- “ELPE LARCO ENERGIAKI SERVION S.A.”
- “ELPE LARCO ENERGIAKI KOKKINOU S.A.”
in each of them, “HELLENIC PETROLEUM RENEWABLE ENERGY SOURCES S.A.” partecipates with 51% and “LARCO ENERGIAKI S.A.” with 49%.
The collaboration of Hellenic Petroleum with Larco, was the result of the fact that the two companies dispose collateral abilities and experiences in the development of energy projects.
Hellenic Petroleum disposes the expertise in energy projects’ management and especially in RES development through a group of experienced and qualified engineers that take over the management of project’s development and the following of the constructions.
Larco provides the land for the projects’ installation and disposes legal knowledge, technical and managerial experience for the land’s use and exploitation. Furthermore, Larco disposes the correspondent infrastructure for the configuration of the depleted mines area configuration and PV stations’ implementation.
The portfolio of the two subsidiaries is comprised of 43.9 MW of PV projects.