Enel Green Hellas rebrands after deal with Australia’s Macquarie Asset Management

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Greek renewable energy developer and operator Enel Green Power Hellas, in which Australia’s Macquarie Asset Management recently took a 50% stake, has relaunched with a new name, Principia Energy.

Italian utility Enel SpA (BIT:ENEL) last year agreed to co-manage its Greek unit as a joint venture with Macquarie Asset Management by selling a 50% equity interest. At the point of completing the deal in December, Enel Green Power Hellas had a 566 MW portfolio of onshore wind, solar and hydropower projects in operation or under construction.

“The Greek market is rapidly accelerating away from fossil fuels and now holds huge potential in helping to accelerate Europe’s decarbonisation efforts,” Eric Bjonerud, managing director at Macquarie Asset Management Green Investments, said then.

Enel energy
(L to R) Theodoros Skylakakis (Minister of Energy), Aristotelis Hadavas (CEO Principia), and Konstantinos Skrekas (Minister of Development). Photo: Naftemporiki.

“Enel Group and Macquarie Group are joining forces to make our vision a reality. With over 15 years of pioneering experience in the country, we’re now more committed than ever to driving the efforts towards energy transition,” Principia Energy CEO Aristotelis Chantavas wrote on LinkedIn today.

The company held an event to present its name and corporate identity, which was attended by Greece’s ministers of environment and energy and of development, Greek media reported. Australia’s Ambassador in Greece, Alison Duncan, also attended the event.

Alison Duncan
The Ambassador to Greece from Australia, Alison Duncan (left) was also in attendance.

Under the new structure, Principia Energy will lead energy advancements, speed up the country’s move towards green energy, and explore new solutions like storage and hybrid projects.

With a goal of creating a sustainable future and a mission to switch to renewable energy faster, Principia Energy embodies a partnership that creates more value together.

Principia currently runs 59 wind, solar, and hydro farms and is building 7 more solar farms. Together, they produce 577MW of green energy, enough for 300,000 households annually.

Source: Renewables Now and Naftemporiki.

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