PPC announced the completion of the acquisition of the renewable energy portfolio of Evryo Group (controlled by Macquarie Asset Management) in Romania, with a capacity of 629 megawatts.

The initial deal was announced in August and covers 600MW of onshore wind farms, 22MW of small hydro, 1MW of floating solar farm and 6MW of energy storage systems in operation, as well as an additional 145MW of projects under development. With this addition, PPC Group’s total RES portfolio will increase to 5.5GW, while at the same time strengthening its position as a provider of renewable energy sources in Southeast Europe.

“The acquisition is an important milestone in PPC Group’s strategy to expand its RES portfolio, but also to strengthen its commitment to the green transition throughout Southeast Europe. With the acquisition of an additional 629MW, PPC Group’s total installed capacity in Romania almost doubles, which boosts the Group’s growth in the region and diversifies its RES activities, as large wind power projects and hydroelectric plants are added. The completion of the acquisition demonstrates PPC Group’s commitment to its leading role in the renewables sector in the wider region and further improves its position to exploit the synergies for energy transactions, energy trading and risk management in the Romanian market. The strengthened presence of PPC Group in Romania is in full agreement with its mission to provide reliable, sustainable energy solutions and to expand its customer base in South-Eastern Europe”, the announcement emphasizes.

The transaction, the amount of which is estimated at approximately Euro 700 million, is structured to be in line with the financial policy of the PPC Group, while it will add EBITDA of approximately Euro 100 million, which will further support the Group’s development path.

The President and CEO of PPC Group, Georgios Stassis, said: “We are pleased with the completion of this acquisition, which is a very important step for our overall development strategy in Southeast Europe. By doubling the portfolio of operating RES in Romania, we significantly strengthen our footprint in RES and further diversify our mix, with projects located in Romania’s most sought-after areas with high wind and hydro potential. The Romanian market has excellent wind potential and plays a strategic role for PPC Group as we strengthen our RES network across the region.”