THE PPCthrough its subsidiary PPC Renewables, signed an agreement with European subsidiaries of the Lukoil group for the acquisition of 100% of Land Power srl, which owns a wind farm in operation in Romania with a total installed capacity of 84MW.

The wind farm produces more than 200GWh per year as it is located in the Dorobantu and Topolog regions in Eastern Romania, which have the best wind potential in the country.

PPC Renewables was selected as the preferred buyer after a tender process, in which international companies participated.

THE Kommunalkredit Austria AG acted as exclusive financial advisor to PPC Renewables.

Completion of the deal is expected in the fourth quarter of 2023.

The CEO of PPC Renewables, Mr. Konstantinos Mavros, said: “PPC continues to expand its portfolio of Renewable Energy Sources with another landmark agreement. With this particular acquisition, we strengthen our footprint in the Balkan Peninsula and take another step towards the implementation of our development program, with the ultimate goal of becoming the leading clean energy company in Southeast Europe. We remain true to our commitments and move forward dynamically towards the energy transition and the achievement of our ambitious goals”.

This acquisition complements in the best way the RES portfolio of PPC in the Balkans as the agreements with Enel and Mytilineos in Romania have preceded it.