PPC completed the acquisition of the activities of Enel in Romania successfully carrying out its first major expansion abroad. The acquisition is a milestone for PPC’s development strategy, with the acquisition of a significant portfolio of renewable energy sources (both projects in operation and projects in the process of maturing), as well as distribution and marketing activities, where the acquired companies hold a leading position in the market Romania.

Specifically, PPC completed the acquisition of all holdings held by Enel and its subsidiaries in Romania after the fulfillment of certain conditions (conditions precedent), usual in such transactions, which were set in the relevant sale agreement signed on March 9, 2023. According to the aforementioned agreement, the PPC paid a consideration of approximately €1,240 million, which is equivalent to a total enterprise value of approximately €1,900 million (for 100%).

With the completion of the acquisition of Enel’s activities in Romania, PPC Group now has a total of nearly 9 million customers and the total installed capacity of the Group’s RES (hydroelectric, wind, photovoltaic, etc.) increases to approximately 4.4GW. The Regulated Asset Base of the Distribution increases by 40%.

In addition, all of Enel’s electricity production in Romania comes from RES, which increases the “green EBITDA” percentage of PPC’s total EBITDA and improves the relevant ESG indicators.

The President and CEO of PPC, Mr. Georgios Stassis, stated: “PPC’s goal is to transform to a leading clean energy company in Southeast Europe. The acquisition of Enel’s activities in Romania is an ideal choice both from a geographical and a business point of view. I want to thank all the teams who worked all this time to complete the acquisition. Today we are embarking on a journey of growth and transformation in Romania, with the ambition to become the country’s undisputed leading energy company.”

Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, HSBC Continental Europe, AXIA Ventures Group and Euroxx Securities SA acted as financial advisors and Milbank LLP acted as legal advisor to PPC in the context of the acquisition.

Romania’s Enel is one of the main players of the Romanian energy market. It is number 1 in RES with a total installed capacity of 600 MW and with an additional 5 GW in the pipeline, which fits perfectly with PPC’s strategy. In the supply of electricity and natural gas, the company has 3.1 million customers and 81 stores across the country. It owns the distribution network in 3 regions of the country, including Bucharest, by far the most important region of the country. It distributes energy to approximately 1/3 of Romania with over 133,000 km of network and has already installed over 1.4 million smart meters in homes and businesses.

PPC is the largest producer and supplier of electricity in Greece serving approximately 5.6 million end consumers. In addition, PPC owns 51% of the shares of the Hellenic Electricity Distribution Network Operator SA, which is the exclusive owner and manager of the electricity distribution network. For more than 70 years, PPC has remained at the forefront of the Greek electricity market and is an integral part of the electrification process of the entire country. PPC is a listed company and its shares are traded on the Main Market of the Athens Stock Exchange, with a market value of approximately €3.5 billion on 10/25/2023.