Greece's PPC to Acquire 629 MW of Renewable Assets in Romania from Macquarie
Greece-based Public Power Corp. (PPC) is set to acquire an operational portfolio of 629 MW in renewables and battery storage in Romania from funds managed by Macquarie Asset Management. The government-run utility's deal also includes 145 MW under development, reflecting its continued expansion in Romania and Southeastern Europe.
PPC entered a binding agreement with Evryo Group to acquire facilities with a combined capacity of 629 MW in operation and 145 MW of assets in the project pipeline. The acquisition, valued at approximately EUR 700 million, is expected to bolster PPC's growth strategy in the region.
The acquired assets include 600 MW of onshore wind, 22 MW in hydropower, 6 MW in battery energy storage systems (BESS), and 1 MW in photovoltaic capacity. PPC’s total operational renewables portfolio in Romania will double, reaching 5.3 GW upon completion.
The utility, which plans to phase out coal by 2026, announced that it had 4.7 GW of renewables in operation and 3.3 GW under construction or ready to build as of June 2024. PPC expects the transaction to be finalized by the fourth quarter, pending antitrust approval.
Citigroup Global Markets Europe AG and Euroxx Securities SA are serving as financial advisors, with Clifford Chance as the legal advisor for the acquisition. PPC estimates the added annual EBITDA at EUR 100 million upon completion.
Source: BalkanGreenEnergyNews
