With the strategic Agreement – Cooperation Framework, the PPC acquires, with a combination of cash and own shares:

  • 66.6MW of onshore wind and solar farms in operation
  • 1.7GW of RES projects under development, of which 1,050MW wind
  • The share (20%) of DAMCO ENERGY of the Kopelouzo group in Alexandroupolis Power Generation SA. which is building the new 840 MW Combined Cycle Natural Gas Thermal Power Plant (CCGT) – Increase in PPC share to 71% and acquisition of statutory majority

The PPC Group announces the conclusion of a Cooperation Framework Agreement with the Kopelousou and Samara Groups for the acquisition of a RES portfolio in operation, with a total installed capacity of 66.6MW, the acquisition of a RES portfolio under development with an installed capacity of up to 1.7GW and its joint development with the Kopelouzos and Samaras Groups, as well as the acquisition of a 20% stake in the company Elektroproudari Alexandroupolis S.A., which is developing a CCGT unit (840MW) and in which PPC already holds a majority stake (51%).

The 66.6MW in operation that PPC Group is acquiring concerns 2 wind farms with a total installed capacity of 43.3MW that were recently put into operation in southern Evia and Laconia, two areas with high wind potential, and photovoltaic parks with a total installed capacity of 23.3MW in operation. The transaction for the portfolio corresponds to an Enterprise Value of €111 million or 7.2x EV/EBITDA. It is noted that the capacity factor of the wind farms amounts to 32% on average, higher than the average of the country (27%), while most of the portfolio has a high average energy sales price.

In addition, the PPC Group will acquire renewable energy projects under development with a total capacity of 1.7GW in various licensing phases and regions of the Greek territory, at a price of €106 million, which it will further develop with the Kopelouzo and Samara Groups.

Finally, PPC acquires the 20% held by DAMCO ENERGY of the Kopelouzo group in Alexandroupolis Power Generation SA. for €27 million, and will hold 71% and the statutory majority, with the remaining 29% belonging to DEPA Emporias. The Power Generation of Alexandroupolis S.A. is moving forward dynamically with the construction of the new Combined Cycle Natural Gas (CCGT) Thermal Power Station with a capacity of 840 MW in VI.PE. Alexandroupolis.

Completion of the definitive purchase and sale agreements and definitive shareholder agreements is expected by the end of the year.

For this agreement, PPC Group is expected to offer a combination of cash and own shares as consideration. In particular, it will pay an amount of €106 million in cash and an amount of €70 million in treasury shares with an offer price of €12.21 which was derived from the higher of the 6-month weighted average price and the spot price at the close of September 24, 2024 .

The acquisition strengthens PPC Group’s energy portfolio, with operating RES projects of significant power and high quality, and secures a large portfolio of wind farm licenses in locations with high wind potential and guaranteed access to the grid. In addition, PPC is increasing its stake in the Alexandroupoli CCGT, a modern technology project that will supply energy to the domestic market as well as to neighboring countries and will play a pivotal role in the export of electricity to Southeast Europe.

On the occasion of the signing of the agreement, the President and CEO of PPC Group, Mr. George Stassissaid: “This acquisition is a new important step for the energy transformation of PPC in the domestic market, which is based on the gradual withdrawal of lignite units and the increase of investments in RES. With this agreement, we significantly strengthen our wind power in operation with modern wind farms in areas with high wind potential, reducing the average age of our portfolio. The addition of an expanded license portfolio across the territory confirms the Group’s leadership and contribution to the country’s green transition, which is predominantly wind projects that further diversify our technological mix. At the same time, we confirm our cooperation with the Kopelouzou and Samara Groups for the development of the newly acquired portfolio, groups with long and accredited experience in the development of RES projects.”