GREECE: PPC buys new renewables and increases its stake in a future large gas-fired power plant in Greece
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The PPC Group has reached an agreement with the Copelouzos and Samaras groups to take over their wind and photovoltaic assets in operation, totaling 66.6 MW, as well as a portfolio of renewable energy projects of 1.7 GW, which they will continue to develop them together. In addition, the Greek government-controlled utility is increasing its majority stake in an 840 MW gas-fired power plant project by acquiring Copelouzos’ 20 percent stake, according to media reports.
The PPC Group has announced that it has signed a collaboration framework agreement with the Copelouzos and Samaras groups for the acquisition of solar and wind farms with a combined capacity of 66.6 MW, together with a portfolio of renewable energy projects of up to 1.7 GW. The Greek electricity company revealed that the other two companies remain co-shareholders to participate in the development of the portfolio.
Separately, PPC acquires the 20% stake held by Copelouzos in the special purpose enterprise Ilektroparagogi Alexandroupolis (Alexandroupolis Electricity Production). It is building a combined cycle gas-fired power plant (CCGT). PPC held prior to this acquisition 51% and DEPA Supply (DEPA Commercial) holds the remaining 29%.
Renewable projects under development cost €106 million
The 66.6 MW of renewable capacity in operation comprises two wind farms with a total installed capacity of 43.3 MW, which recently became operational in the south of the island of Evia and in Laconia, as well as photovoltaic installations with a total capacity of 23.3 MW. The value of the business, which includes debt and other items, amounts to EUR 111 million, PPC said. The group announced it will pay €106m for the 1.7GW renewables portfolio under development. The projects, spread over the territory of Greece, are in various authorization stages.
PPC will buy the Copelouzos project in Alexandroupolis
Regarding the Alexandroupolis gas plant project, PPC is buying the stake held by Damco Energy of the Copelouzos group for EUR 27 million. The construction of the new capacity started in January last year. The annual production of the future plant is estimated at 5 ΤWh.
The plant will consist of a gas turbine and a steam turbine on a common axis with a generator. The nominal capacity is 840 MW, which means a net capacity of 820 MW. The Alexandroupolis plant, located in northeastern Greece, is adjacent to the Floating Regasification and Storage Unit (FSRU) in Alexandroupolis. This is a liquefied natural gas (LNG) terminal scheduled to be commissioned on October 1.
The signing of the final purchase and sale agreements, as well as the final shareholder agreements, is expected by the end of the year, PPC announced. It said it would pay €106 million in cash and €70 million in treasury shares at €12.21 per share, yesterday’s closing level.
Brand acquisition of PPC in Romania
PPC entered into a binding agreement in August with Evryo Group, owned by funds managed by Macquarie Asset Management, to acquire its renewable energy generation portfolio in Romania, which consists of 629 MW of renewable energy in operation and approx. 145 MW assets under development, according to a press release issued at the time.
The acquisition further strengthens PPC Group’s growth strategy in Romania and South-Eastern Europe, by adding a significant portfolio of operations from renewable sources, which includes an installed capacity of 600MW of wind power, 22MW of hydroelectric power, 6MW of storage in batteries, 1MW of solar and approximately 145MW of assets under development.
Upon completion of the agreement, PPC’s renewable energy portfolio in operation in Romania will double, and the total installed capacity, in operation, of the PPC Group will reach 5.3 GW.
PPC is the largest electric utility company in South-Eastern Europe, active in the field of production, distribution, network operation and sale of advanced energy products and services in Greece, Romania and North Macedonia. PPC has a total installed capacity of 11.5 GW, consisting of thermal, hydro and renewable energy installations with a total annual output of approximately 20 TWh, while in networks the total regulated asset base amounts to approximately EUR 4.3 billion . PPC Group is the main electricity supplier in Greece and Romania, serving 8.8 million customers in total, offering them approximately 33 TWh of energy and a wide range of energy products and services. PPC is publicly listed and its shares are traded on the Main Market of the Athens Stock Exchange.
