PPC set to tap market

Public Power Corporation (PPC), Greece’s biggest power utility, plans to issue sustainability-linked bonds to raise 350 million euros, it said on Monday.

PPC mandated Goldman Sachs Bank Europe and HSBC Continental Europe as joint lead managers for the issue due in 2028, subject to market conditions and demand, it said.

Proceeds from the bonds would be used to help repay existing debt, PPC said.

The utility, which is 51% owned by the state, has committed to shutting down all its coal plants by 2025 and reducing carbon emissions by 40% by the end of 2022.

PPC raised about €725 million euros from two sustainability-linked bonds earlier this year. [Reuters]