Kostas Karachalios: “We never stop making plans for a market like Cyprus”

Kostas Karachalios, International Division Manager at HELLENiQ ENERGY, discusses the Group’s vision to become a key cog in the formation of a competitive, green energy market in Cyprus.

HELLENiQ ENERGY has made significant investments in Cyprus in photovoltaic parks and through the launch of EKO Energy Cyprus. What motivated these investments?

HELLENiQ ENERGY has been a leading player in the energy transition effort, guided by our corporate transformation plan (Vision 2025). We are modernising fuel refining and trading by reducing our carbon footprint and expanding into renewable energy systems (RES) and green energy in Greece and abroad. In Cyprus, we launched EKO Energy, accelerating the transition to cleaner energy and offering integrated energy solutions for consumers. As the first vertically integrated energy provider in Cyprus, EKO Energy utilises the know-how and reliability of HELLENiQ ENERGY to meet the energy needs of commercial and industrial consumers. We also acquired eight photovoltaic parks in Cyprus with an estimated annual production of 65 GWh and are creating specialised job opportunities. We see Cyprus as our second home and want to contribute substantially to a greener future.

Cyprus’ Vision 2035 aims to create a sustainable economy in which citizens and businesses predominately use green energy. What impact do you expect your presence in Cyprus to have on the realisation of this vision?

The Government’s strategy aligns with our Vision 2025 programme, which sets out our strategic agenda for seizing the opportunities created by the changing energy landscape. Our Group includes ESG criteria in its business strategy and capital allocation to reduce our carbon footprint and lead the energy transition. We are maximising the returns of our core businesses and developing a balanced new energy portfolio. We are determined to contribute practically and strongly to the Government’s efforts.

Successful investments often involve collaboration with local stakeholders and communities. What has been your experience with local businesses, government agencies and the community?

Our collaboration with the business community, the government and society is a multifaceted process, playing a critical role in how we operate in each country, especially in Cyprus. The local economy has a long tradition of embracing new initiatives and investments from a leading energy Group like ours. Through partnerships and other measures, we maintain the excellent relationships that we have built over the years we have been active in Cyprus. At a government level, we maintain good relations with the respective stakeholders, as we comply with all our regulatory and legal obligations, concerning both our operations and our people. We maintain close contact with all relevant parties, ready to expand synergies and partnerships wherever we believe this will be mutually beneficial.

Looking ahead, what are HelleniQ ENERGY’s plans for expanding its renewable energy footprint in Cyprus?

We never stop making plans for a market like Cyprus. We will continue to evaluate opportunities to grow our RES portfolio by materialising our vision to move into the future of electricity, alternative sources and the low-emission economy while seeking to extend our dynamic growth by contributing to the formation of a more competitive market, always centred on the consumer.

Congratulations on winning an Invest Cyprus International Investment Award. What does this recognition mean for you?

Being recognised by such an important and influential organisation as Invest Cyprus is a great honour. Cyprus is a key market in our energy transition roadmap. Our strategy includes new forms of energy and production, as our investments aim to reduce our carbon footprint and improve Cyprus’ energy security of Cyprus. We are proud that HELLENiQ ENERGY’s efforts are being recognised and rewarded.

(This article first appeared in the July issue of GOLD magazine. To view it click here)