Photo: Jungsik kwak from Pixabay
Public Power Corp. – PPC Group reached a deal with groups Copelouzos and Samaras to take over their operating wind power and photovoltaic assets of 66.6 MW in total as well as a renewables project pipeline of 1.7 GW, which they would continue to develop jointly. In addition, the Greek government-controlled utility is increasing its majority stake in an 840 MW gas power plant project by acquiring Copelouzos’ share of 20%.
PPC Group said it signed an agreement – collaboration framework with the Copelouzos and Samaras groups for the acquisition of solar and wind parks with a combined capacity of 66.6 MW, together with a renewables project pipeline of up to 1.7 GW. Greece’s government-controlled power utility revealed that the two other companies are staying on to participate in the development of the portfolio.
Separately, it is acquiring Copelouzos’ 20% stake in special purpose firm Ilektroparagogi Alexandroupolis (Alexandroupolis Electricity Production). It is building a combined-cycle gas turbine (CCGT). PPC currently holds 51% and DEPA Supply (DEPA Commercial) owns the remaining 29%.
Projects under development cost EUR 106 million
The 66.6 MW in operation comprises two wind parks with a total installed capacity of 43.3 MW, which recently became operational in the south of Evia island and in Lakonia as well as photovoltaic facilities of an overall 23.3 MW. The enterprise value, a category that includes debt and other items, amounts to EUR 111 million, PPC said.
It said it would pay EUR 106 million for the 1.7 GW portfolio under development. The projects, spread across Greece, are in various licensing stages.
PPC to buy out Copelouzos in Alexandroupolis
As for the gas plant project in Alexandroupolis, PPC is buying the stake, held by Damco Energy of the Copelouzos Group, for EUR 27 million.
The start of construction was marked in January of last year. The facility’s annual output is envisaged at 5 ΤWh.
It will consist of a gas turbine and a steam turbine on a common axis with one generator. The nominal capacity is 840 MW, translating to net attributable capacity of 820 MW.
PPC said it would pay EUR 106 million in cash and EUR 70 million in own shares
The Alexandroupolis plant in Greece’s northeast is in the vicinity of the Alexandroupolis floating storage regasification unit (FSRU). It is a liquefied natural gas (LNG) terminal scheduled to be put into operation on October 1.
The signing of the final sale and purchase agreements as well as the final shareholders agreements is expected by the end of the year, PPC revealed. It said it would pay EUR 106 million in cash and EUR 70 million in own shares at EUR 12.21 per share, yesterday’s closing level.
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