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Public Power Corp. issued bonds exclusively for residents of Kozani and Florina. It called on them to participate in the transformation of the coal land in the Greek region of Western Macedonia into a green energy and tech hub.
After several years of planning, government-controlled Public Power Corp. (PPC Group) launched a EUR 5 million bond offering for residents of Kozani and Florina, part of Greece’s main coal region. The utility plans to shut down its last coal power plants this year. It is conducting an economic transformation plan for Western Macedonia, in the country’s north, worth EUR 5.8 billion.
The new five-year debt securities carry a guaranteed 8% annual yield, translating to a total pretax gain of 40%. Each bond costs EUR 100. However, the minimum purchase is five bonds, while a resident can buy up to 250 bonds.
PPC Group said it is an opportunity to participate in the investments, aiming to turn the coal region into a green energy and technology hub. One project is for a 300 MW data center at the Agios Dimitrios coal power plant, with the possibility of expansion to 1 GW. The company said it is prepared to start construction as soon as it concludes the deals with hyperscalers that would use the facility.
The endeavor involves renewable energy plants totaling more than 2 GW and 860 MW in energy storage including two pumped storage hydropower plants. The Ptolemaida 5 coal plant, still operational, is set to be converted to a OCGT (open cycle gas turbine) system of 295 MW and, perhaps, upgraded into a CCGT (combined cycle gas turbine) facility of 440 MW.
The projects will create up to 20,000 jobs during construction and as many as 2,000 in operations, the company’s management estimated.
Residents can apply by April 17 at local branches of Piraeus Bank. PPC Group pointed out that PPC Renewables (DEIAN) could reissue the bonds.
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