Six milestones for the further development of PPC within 2024 were described by the president and managing director of the group, Giorgos Stassis, presenting the results of the first quarter to financial analysts yesterday.

He revealed that PPC’s liquidity currently stands at 5 billion euros, of which 2.5 billion are cash and the remaining 2.5 available credit lines.

Mr. Stassis stated that in 2024 and with the current data:

  • The commercial exploitation of the telecommunications network that is being developed on the pillars of DEDDIE and has already reached 185,000 homes will begin.
  • The first steps will be taken in Data Centers and artificial intelligence infrastructures.
  • The integration of the activities in Romania will proceed.
  • The activity in the middle of the Kotsovolos network will also proceed.
  • The production base in RES will be further developed.
  • The East – Med Corridor project (telecommunication interconnection of Europe and Asia), which has already started as the financing scheme was finalized, will mature.

Answering questions, the head of PPC emphasized that the pipeline of renewable energy projects that are in various stages of maturity exceeds 20 gigawatts, stressing, however, that not all of these projects will be implemented. The criterion for all these investments is the cost and the degree of return.

He also said that the share buyback program will continue and will reach 10% of the shares, of which one third will be used for acquisitions, for executive fees and one third will also be cancelled.

PPC yesterday announced increased profits for the first quarter (+64% earnings before interest, taxes, depreciation and amortization, while net profit stood at €86 million compared to €51 million in the first quarter of 2023.

Installed RES capacity stood at 4.7GW at the end of March 2024, with projects under construction or ready for construction amounting to 2.8GW, roughly 70% of the capacity needed to meet the 2026 target .