HELLENiQ ENERGY's Growth Strategy in Romania and Southeast Europe

HELLENiQ ENERGY, one of the largest energy Groups in Southeast Europe, considers Romania a strategic market within its renewable energy portfolio and one of the key pillars of its regional growth strategy. With planned investments of up to €1 billion by the end of the decade and a project pipeline exceeding 850 MW, the Group continues to strengthen its presence in the country’s rapidly evolving energy sector. In an interview to Ziarul Financiar, Mr. Alexopoulos discussed the rationale behind this long -term investment strategy and the opportunities driving the energy transition across Southeast Europe. 

HELLENiQ ENERGY's renewable energy transformation began in 2021, when the Group identified electrification as one of the defining trends shaping the future of the energy sector. “We looked at the electrification trend, which was quite clear. We saw the gradual transition from our core products - liquid hydrocarbons - to other products, including electricity. And this was coming,” says Mr. Alexopoulos.

Since then, HELLENiQ ENERGY has expanded its renewable energy portfolio from just 26 MW of installed capacity to 564 MW in operation, with plans to reach 1.5 GW within the next two years and 2 GW by 2030.

The decision to invest in renewables did not come from external consultants, but from within. “Consultants don’t tell you everything you need to know and often tell you what you want to hear – but that’s another story,” says Mr. Alexopoulos.

The Group itself identified the obvious synergies between the traditional and new businesses: HELLENiQ ENERGY’s refineries alone consume one terawatt-hour of electricity, or 2% of Greece’s total consumption. “Guess what? Renewables are the most capital-intensive type of investment, because everything is capital. The feedstock is free, and the operating cost is relatively low. And we are good at implementing capital projects. We are long-term investors,” explains the Deputy CEO.

Romania was selected as a strategic growth market due to its scale, significant growth potential and favourable environment for renewable energy investments. “We saw a large market, by far the largest in the region. We saw a market with significant growth potential and a positive attitude towards renewables. We saw a predictable development path,” explains Mr. Alexopoulos. “I expect Romania to be an important market for us. I would say that, after Greece, it is the most important market for renewables and for our energy business.”

HELLENiQ ENERGY has already commissioned its first two photovoltaic parks in South Romania, with a total capacity of 58 MW. Two additional projects with a total capacity of 153 MW are expected to enter commercial operation within the year, while the Group's overall renewable energy portfolio in Romania already exceeds 850 MW, across various stages of development.

Mr. Alexopoulos elaborates: “We already have the first two 58 MW photovoltaic parks. By the end of the year, we will have 200 MW of installed photovoltaic capacity. If we add the 96 MW wind farm in Galati - contracted through a PPA with Ahold Delhaize - we reach about 300 MW in about a year. Our plan includes a pipeline of 800-850 MW, with delivery by 2030, and the total investment can reach one billion euros. This shows our commitment to the sector, to the country and our long-term vision.”

Construction of the 96 MW wind farm in Galati is progressing according to plan, with foundations have already been completed and turbine deliveries underway. Commercial operation is expected in summer 2027, further strengthening HELLENiQ ENERGY’s renewable energy footprint in Romania.  In parallel, the Group has 250 MW of projects in Greece and 123 MW of hybrid projects in Bulgaria.

Ahold Delhaize, A Landmark Renewable Energy Partnership

The Group already has a reference client for production in Romania: Ahold Delhaize, the Dutch retail chain also on the local market. “We are building a 96 MW wind project, of which over 50% of the production is committed through a PPA with Delhaize,” explains Mr. Alexopoulos. It is a virtual PPA - the energy is injected into the grid, not physically delivered, but the price is locked in depending on the production of the renewable asset. “Effectively, it is as if Delhaize buys directly from the asset, although physically everyone injects into the grid and everyone buys from the grid,” clarifies the director.

The market strategy in Romania mainly targets large industrial and commercial customers. “Romania has a serious industrial base - cement, ferrous metals, chemistry, refining. We see a good mix of potential customers,” says Mr. Alexopoulos, without ruling out the possibility of partnerships with Greek companies present on the local market. Residential retail is not a priority for now. “We are focusing on managing our energy regionally and on large industrial and commercial customers,” he says, although he leaves the door open for the future: “Retail? We will see.”

Managing Market Volatility Through Diversification

One of the risks openly signalled is the evolution of the energy price on the spot market: the market will become crowded, prices will fall, some projects will not be sustainable. Mr. Alexopoulos does not dispute the premise, but he does not consider it a decisive threat to his Group. He invokes several protection mechanisms: the hybridization of assets through batteries - which allow the transfer of production to higher-priced hours -, the diversification of the portfolio between wind and photovoltaics, and PPAs that lock in the price for a significant part of the production.

“We come from a mature and crowded market. We have experience in managing this type of environment,” he says. “We are not betting on crises. We are betting on good energy management, on investments that improve our profile, such as batteries, and on a diversified portfolio that includes wind and photovoltaics” Mr. Alexopoulos summarizes.

In the battery segment, Romania seems to him even more advanced than Greece in terms of regulating co-located batteries. The Group is working on two of its own storage projects: one of 100 MW/200 MWh, almost completed in the Thessaloniki area, and a second of 50 MW/200 MWh, which should be operational by the end of the year. Mr. Alexopoulos mentions that the price of batteries has decreased by at least 20% between the two projects, which significantly changes the financial equation of storage projects.

Long-Term Value Creation Through Renewable Energy Investments

Returns from renewables are, he acknowledges, modest compared to those from refining or upstream. “Renewables projects typically have high single-digit returns, if the project is well-structured. If you add project finance, you can get equity returns in the low double digits. These are market returns.” Asked why he invests in a business known for low returns, Mr. Alexopoulos replies: “You have to adjust the return for risk to be able to compare. We follow a diversified portfolio approach, which means that on certain components of the portfolio we can accept lower returns.” Synergies with the rest of the group - better energy management, PPAs, connections between segments - can deliver a “slightly better return on the same project. But it will not become a spectacular return,” he admits.

The Group's first quarter 2026 results - published on May 14 in Athens - show that the focus on diversification is not just for the future. HELLENiQ ENERGY reported an adjusted EBITDA of 293 million euros, up 63% compared to the same period last year, despite a difficult geopolitical context. Since the end of February 2026, the crisis in the Strait of Hormuz has significantly disrupted global oil and gas flows, leading to massive price increases - the Brent price rose from around 69 dollars/barrel in the first two months of the year to 104 dollars/barrel in March, at one point approaching 120 dollars. Benchmark refining margins reached $11.4/barrel compared to $5.1/barrel in Q1/2025, the highest level since the third quarter of 2023. Reported net profit rose to €284 million compared to €11 million in Q1/2025, partly due to inventory effects. The Energy segment contributed €38 million to adjusted EBITDA in Q1, compared to €12 million in the same period in 2025, reflecting the full consolidation of Enerwave - the former 50-50 joint venture with Edison Italia, fully acquired by HELLENiQ ENERGY in July 2025. Energy production increased from 173 GWh in Q1/2025 to 935 GWh in Q1/2026, and the Group's operational installed capacity in energy reached 1,404 MW.

Asked if Romania could become more important than Greece in the Group's renewables portfolio, Mr. Alexopoulos does not rule out the scenario but contextualizes it. "I don't think it's a competition between two countries. It's a matter of timing in portfolio development. It just so happens that the markets are comparable in size - both around 50 terawatt-hours of annual consumption. Romania has twice the population, so there's certainly more room for growth." His conclusion is that it's not regulations or policies that make the difference, but the natural pace of market maturation.

Source (in Romanian): The interview was conducted by Cristian Hostiuc and Liviu Popescu and was originally published on the website Ziarul Financiar