Greece’s PPC Group raises EUR 4.5 billion in capital offering

The Greek state-controlled Public Power Corp. – PPC Group conducted a historic share capital increase, which met robust demand. It said it would raise EUR 4.5 billion including EUR 1.3 billion from the government, EUR 1.2 billion from existing shareholder CVC Capital Partners, and a EUR 250 million treasury shares placement. The proceeds are for the 2030 investment plan of EUR 24 billion, which involves entry into Slovakia, Poland and Hungary.

Total demand for Public Power Corp.’s capital offering exceeded EUR 18 million or 4.5 times the sum that it targeted. It decided to increase it to EUR 4.25 billion in new stocks, from EUR 4 billion. In a separate placement, it is allocating treasury shares worth another EUR 250 million. They are existing stocks in the Greek utility’s ownership.

The book-building attracted global institutional investors, family offices, private wealth and hedge funds, with significant international and sector diversification, according to the update. The final price was set at EUR 18.63 per new share, said PPC (or DEI, in Greek).

Government to maintain its 33.4% controlling stake

By subscribing for EUR 1.3 billion, the Greek government will maintain a 33.4% stake, necessary for its so-called blocking minority. Another existing shareholder, CVC Capital Partners, is investing EUR 1.2 billion via Aeolus Holdings. It is an entity owned by funds advised by CVC Advisers Greece and-or its affiliates. The private equity firm will thus substantially boost its stake from 10.3%. The combined cornerstone commitments translate to 55.6% of the entire transaction.

PPC Group said the offering attracted global blue-chip long-term institutional investors, as well as sovereign wealth funds such as Qatar Investment Authority (QIA) and K Group Capital Partners, the QIA-backed investment fund focusing on Greece.

The company added it would publish a detailed report early next week. BlackRock and Vanguard reportedly participated in the offering.

Expansion across Central and Southeast Europe

In line with the group’s new 2026-2030 strategic plan, the proceeds will support investments of EUR 24 billion focused on accelerating renewables and flexible generation in Greece and Romania, expanding into new markets across Central and Southeast Europe, and developing large-scale data centers in the region, the announcement reads.

PPC Group has said it would enter Slovakia, Poland and Hungary. In Italy, Bulgaria and Croatia, it intends to operate 0.9 GW in natural gas–fired power plants in total and 3.5 GW in renewables in 2030. The company is targeting annual earnings before interest, taxes, depreciation and amortization (ebitda) of EUR 4.6 billion by the end of the decade.

Following the release of the statement, the utility yesterday jumped as much as 9.1% to EUR 21.74 per share at the Athens Stock Exchange. At the closing level of EUR 21.36 per share, year-to-date growth amounted to 17.4%, and market capitalization was EUR 7.89 billion. Notably, it is before the new shares are listed.