Macquarie named preferred bidder for stake in Greek power grid operator HEDNO

Public Power Corp (PPC), Greece’s biggest power utility, on Thursday formally named Australian infrastructure giant Macquarie as the preferred bidder for a minority stake in its fully-owned power grid operator, Hellenic Electricity Distribution Network Operator (HEDNO).

PPC shareholders will take a final decision on the bid at a meeting scheduled for October 19, PPC said.

PPC earlier this month said the offer by Spear WTE Investments Sarl, a member of the Macquarie Infrastructure and Real Assets Group, valued the 49% stake at 2.1 billion euros, including debt of 804 million euros, making it the highest among four groups which issued binding bids.

PPC, which is 51% owned by the state, has said it will use the sale proceeds to reduce debt and boost its footprint in renewables.

HEDNO operates a 242,000-km long grid, which brings electricity to about 7 million households and businesses across Greece. PPC expects a new investor to help to upgrade the grid, which mainly consists of overhead cables susceptible to failing in adverse weather.

[Reuters]