PPC has entered a binding agreement with Evryo Group, owned by funds managed by Macquarie Asset Management, to acquire their renewable energy generation portfolio in Romania. The portfolio includes 629MW RES in operation and around 145MW in pipeline assets. The enterprise value of the agreement is about €700 million, aligning with previous market transactions, and the total consideration is subject to customary adjustments.

Source: PPC Group

This acquisition enhances PPC Group's growth strategy in Romania and Southeast Europe by incorporating a substantial renewables operating portfolio, such as 600MW onshore wind, 22MW hydro, 6MW BESS, 1MW solar PV installed capacity, and about 145MW pipeline assets. Once finalized, PPC's RES portfolio in operation in Romania will double, and the total RES of PPC Group in operation will reach 5.3GW.

PPC Group, known for its experience in operating RES projects and a significant solar pipeline in Greece, will expand and diversify its renewable energy operations by adding large-scale wind projects and hydro power plants in Romania.

The funding structure of the transaction aligns with PPC Group's financial policy to remain within the target leverage ceiling. Following completion, the acquisition is expected to contribute approximately €100 million EBITDA annually.

This acquisition represents a significant new step for PPC Group's overall growth strategy in Southeast Europe. We accelerate the build out of renewables' generation in Romania by doubling our portfolio of RES in operation, and most significantly with wind and hydro, further diversifying our RES mix, with assets located in the most sought-after regions in Romania, with high wind speeds. Our regional strategy in renewables targets to power generation across attractive markets, with a diversified technology portfolio. Southeast Europe is an increasingly interconnected market, with converging power prices and, thus, value can be created from adjacent synergies in trading, supply and risk diversification.

Financial advisors Citigroup Global Markets Europe AG and Euroxx Securities SA, along with legal advisor Clifford Chance, are assisting PPC Group with the acquisition. The closing is anticipated in the fourth quarter of 2024, subject to customary conditions precedent and clearance from relevant antitrust authorities.

PPC, a prominent South-East European electric utility, engages in electricity generation, distribution, and advanced energy product and service sales in Greece, Romania, and North Macedonia. With a total installed capacity of 11.5GW, including thermal, hydro, and RES installations, PPC Group's total annual generation amounts to around 20TWh. The Regulated Asset Base of its networks is approximately €4.3 billion. Serving 8.8 million customers in Greece and Romania, PPC is a key electricity supplier, providing about 33TWh of energy and a variety of energy products and services. PPC is publicly listed and trades on the Main Market of the Athens Exchange.