THE PPC and the Intrakat Group announce the conclusion of a binding Cooperation Framework Agreement between PPC Renewables and the Intrakat group for the joint development of a portfolio of Renewable Energy Sources (RES) with a total capacity of up to 2.7 GW.

In the context of this agreement, it is foreseen that the Intrakat Group will transfer to PPC Renewables 6 RES projects in operation and under development, with a total capacity of approximately 164 MW. These are the operating wind farm “Fragaki” with a capacity of 15 MW, the pending operation “Kastri” wind farm with a capacity of 5 MW and the projects “Zygurolivado”, “Timenio”, “Kakodiavato” and “Karkaros”, with a cumulative capacity of 144 MW. which are currently in the implementation phase.

At the same time, it is foreseen that PPC Renewables will enter as a 49% shareholder in holding companies of the Intrakat Group, which own a portfolio of projects under development, with a total capacity of approximately 1.6 GW, while the agreement can be extended subject to conditions .

The transaction for the shareholding of PPC Renewables corresponds to an Enterprise Value of €100 million.

The value of the joint investment in its potential full development is estimated to exceed €1 billion.

Completion of the definitive purchase and sale agreements and definitive shareholder agreements is expected by the end of February 2024 at the latest.

On the occasion of the signing of the agreement, the Vice-Chairman of the Board and CEO of Intrakat, Mr. Alexandros Exarchou said: “The start of this strategic alliance with PPC Renewables accelerates our ambitious plan for the development of RES in Greece and will contribute catalytically to the energy transition of the country – an extremely topical issue due to climate change. We believe that with this strategic partnership, we will not only create further value for our shareholders and the societies where we operate, but also offer the opportunity for the country to accelerate the implementation of the National Energy and Climate Plan, contributing to the decarbonisation of of the Greek economy and in strengthening Greece’s energy self-sufficiency. The energy sector is at the core of our growth strategy and is perhaps our most important pillar for the future. This strategic agreement brings us even closer to the realization of our goals.”

For his part, the CEO of PPC Renewables, Mr. Konstantinos Mavros, said: “PPC Renewables believes in the right alliances that have added value and bring benefits to all parties. Today we add, to our already rich portfolio, six important RES projects, which fully correspond to our strategic planning. At the same time, we are launching a collaboration with Intrakat that leads both companies to a dynamic and safe development while at the same time serving the central goal of PPC Renewables to create an expanded and diversified portfolio of RES projects”.