EIB to supervise the PPC plant sales

The business plan of Public Power Corporation, including the list of the units to be put up for sale, will be supervised by the European Investment Bank, PPC’s biggest creditor.

PPC’s board on Tuesday approved an EIB letter providing for its participation in a committee that PPC will set up by September 30 to supervise the drafting of the corporation’s business plan. This is the first time that EIB – which has supported PPC with loans since the 1960s – will get a supervisory role over the corporate planning of the power utility, as a result of concerns regarding the economic condition of the corporation as well as PPC’s need for favorable funding terms in the future.

The EIB’s supervision will inevitably include the planning of the sale of lignite-powered units, which is proceeding with the contribution by McKinsey. The first list, which appears to be definitive, includes the two plants at Amyntaio, the Meliti I unit that already operates and the Meliti II that has been licensed.

The Energy Ministry and PPC are planning to offer the above units plus a number of mines for supplying the plants in the long term as a package to candidate investors.