Renewables

Greece’s PPC sets its sights on Italy, Croatia in tandem with Mytilineos

Greece-PPC-sets-sights-Italy-Croatia-in-tandem-Mytilineos

Photo: Pvproductions on Freepik

Published

April 16, 2024

Comments

comments icon

0

Share

Published:

April 16, 2024

Country:

, ,

Comments:

comments icon

0

Share

Five years after the start of its restructuring, Public Power Corp. – PPC is paying out the first dividend in a decade and widening the scope of its regional expansion. The Greek government-controlled utility agreed to acquire a solar power portfolio of almost 2 GW from Mytilineos Energy and Metals upon completion. The projects are in Italy, Romania, Bulgaria and Croatia.

PPC Group’s long-planned regional expansion is gradually taking shape. It signed a cooperation framework agreement with Mytilineos Energy and Metals on a portfolio of solar power projects of almost 2 GW. The companies value the deal at up to EUR 2 billion and expect it to be implemented over the next three years.

The agreement refers to 90 solar projects in Italy (503 MW), Romania (516 MW), Bulgaria (500 MW) and Croatia (445 MW), at various stages of development. They are owned by Mytilineos, which will develop them and install the facilities, according to the announcement. PPC agreed to acquire the photovoltaic plants upon connection to the grid.

Regional expansion began with Romania

PPC, known also for its Greek acronym DEI, bought Enel’s operations in Romania last year and went from there. In the meantime it revealed plans to enter Bulgaria, but failed to establish a strategic partnership for the construction and operation of the Čebren pumped storage hydropower plant in North Macedonia.

The group aims to grow its renewable energy capacity to 8.9 GW by 2026.

For Mytilineos, the deal is part of its M Renewables’ growth strategy including the recent entry into the Canadian market with projects of an overall 1.5 GW. The Greek company is active in development, engineering, procurement and construction (EPC) and operation and maintenance (O&M). Its portfolio now amounts to 10.5 GW. Italy accounts for 2.5 GW.

PPC has 2.8 GW under construction or ready to build

PPC’s recurring EBITDA – earnings before interest, taxes, depreciation and amortization – a measure of profitability, surged 35% last year to EUR 1.3 billion. The utility’s operating renewables capacity climbed to 4.6 GW from 3.5 GW, of which the Romanian transaction added 0.6 GW.

It has 2.8 GW under construction or in a ready-to-build phase, in an 18 GW project portfolio. PPC’s 2026 target includes 1.3 GW in Romania.

The management said it would propose a dividend, the first one in a decade, of 25 eurocents per share. On April 15, PPC closed at EUR 11.49 per share in Athens – it grew 770% in five years and 44% in the past year. The company adopted a restructuring plan in 2019, when it was in bad shape, and started a decarbonization push.

Presenting its financial results for 2023, PPC said it has put into operation the Iliako Velos 1 photovoltaic plant of 200 MW. It is located in Ptolemaida. Another solar park with two units is under construction in the same area in Western Macedonia province. They have 550 MW and 171 MW.

In partnership with RWE from Germany, PPC is building three clusters in Amyntaio in Western Macedonia: 210 MW, 280 MW and 450 MW. Last year it also launched production at the Arkadikos Ilios 1-2 PV facility in Megalopolis in the Peloponnese peninsula, Greece’s other coal mining and thermal power plant hub. The capacity is 50 MW.

The company’s subsidiary PPC Renewables or DEIAN is tasked with the green transformation.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Water shortages Southeastern Europe desalination strategic approach

Water shortages in Southeastern Europe point to desalination as strategic approach

08 August 2025 - Turkey got its first floating desalination facility, running on wind and solar power, while other Balkan countries are examining such options

Greek lignite region of Megalopolis opens a new chapter after lignite

Greek coal region of Megalopolis opens new chapter after lignite

08 August 2025 - Megalopolis, in the Peloponnese peninsula, is one of Greece's two coal regions, along with Western Macedonia

brm auctions power exchange coupling

Romanian bourse BRM joins power auctions within European Single Intraday Coupling

08 August 2025 - With this move, BRM becomes part of the Intraday Auctions (IDA) system, launched across Europe in June 2024.

NGEN Group 9 4 MW battery project Poland

NGEN Group launches 9.4 MW battery project in Poland; more large-scale investments underway

07 August 2025 - NGEN Group launched an energy storage project in Poland, which is a significant step in its expansion into the country's market