ABO Energy has divested its Greek subsidiary, including its workforce and a substantial 1-gigawatt renewables pipeline, to Helleniq Energy Holdings. The transaction encompasses solar, battery, and wind projects currently under development. ABO Energy has indicated that this deal will not significantly impact its 2025 earnings, though additional payments could be triggered if the projects achieve specific future milestones.
Karsten Schlageter, Managing Director of ABO Energy, described the divestment as a strategic move to streamline operations and sharpen the company’s focus. “This is a great success for all parties involved,” Schlageter stated, emphasizing the mutual benefits of the transaction.
Between 2019 and 2023, ABO Energy developed and sold five solar parks in Greece, totaling over 100 megawatts. Four of these parks were connected on a turnkey basis, showcasing the company’s capability in project execution. Greece had been a significant market for ABO Energy, contributing 15% of group revenues in 2020, though this share had decreased to 9% by 2023.
Despite the divestment, ABO Energy will continue to provide operations and maintenance (O&M) services for the completed assets in Greece. However, the company is shifting its project development efforts to other markets, notably Germany.
Helleniq Energy Holdings, formerly known as Hellenic Petroleum, is active in seven countries and has set an ambitious target to reach at least 2 gigawatts of installed renewable energy capacity by 2030. The company’s current pipeline exceeds 6 gigawatts across various renewable technologies, indicating a strong commitment to expanding its renewable energy portfolio.
This transaction underscores a broader trend in the energy sector, where companies are strategically realigning their portfolios to focus on core markets and technologies. For ABO Energy, the divestment allows for a more concentrated effort in regions with higher growth potential. Meanwhile, Helleniq Energy Holdings stands to gain from ABO’s established pipeline and expertise in the Greek market, potentially accelerating its path to achieving its 2030 targets.
The deal also highlights the increasing activity in the renewable energy sector, particularly in solar and wind projects, as companies seek to capitalize on the global shift towards cleaner energy sources. As the energy landscape continues to evolve, such strategic realignments are likely to become more common, shaping the future development of the sector.