Public Power Corp. (PPC) and Intrakat Group signed a deal establishing strategic cooperation between PPC Renewables and Intrakat in the joint development of a portfolio of renewable electricity projects with a total capacity of up to 2.7 GW.
Intrakat Group will transfer six renewable energy projects in operation and under development, with a total capacity of approximately 164 MW, to PPC Renewables. At the same time, PPC Renewables is entering the ownership of Intrakat Group’s firms developing projects with a total capacity of 1.6 GW, with 49%.
It is the result of a binding deal for strategic cooperation for a portfolio of up to 2.7 GW, the two Greek companies said. The transaction in which PPC Renewables, the green energy arm of Power Public Corp. or PPC, is becoming a shareholder corresponds to a combined enterprise value of EUR 100 million, according to the update.
The joint investments in the entire potential capacity are valued at over EUR 1 billion in total, the announcement revealed. The completion of the deal is expected by the end of February, the future partners added.
The joint investments in the entire potential capacity are valued at over EUR 1 billion in total, PPC Renewables and Intrakat said
The agreement stipulates that PPC Renewables will take over Intrakat’s wind farm Fragkaki (15 MW) on the island of Andros and soon-to-be-commissioned wind power plant Kastri on Evia (Euboea), of 5 MW. Additionally, it is getting projects under development of 144 MW in total: Zigourolivado, Timenio, Kakodiavato and Karkaros.
Founded in 1987, Intrakat is active in the construction business in Southeast Europe. The company is listed on the Athens Stock Exchange since 2001.
PPC Renewables said it has 700 MW in operational capacity and 1.3 GW in construction or late-stage development. Earlier this month, it said its Agios Christoforos 1 photovoltaic plant of 65 MW near Ptolemaida entered full operation. The facility of almost 120,000 bifacial modules was installed on depleted open cast lignite mines. Annual output is estimated at 100 GWh.