PPC opens up sale process for lignite plants

PPC is seeking as great a participation as possible in the process for the sale of the lignite-powered units at Florina (Meliti) and Megalopoli to maximize the price it will receive for them.

This intention is reflected in the terms of the invitation for expressions of interest approved during Wednesday’s governing board meeting, which do not provide for any conditions for participating in the tender, such as previous activity in production and supply of electrical energy. This leaves the door open for the autonomous participation of funds.

Meeting under strict police security to prevent any unionist interventions, the PPC board approved the separation of the Megalopoli and Meliti units and the creation of two new companies that will own the plants and be put up for sale.

Using the PPC stock price as a basis, the board calculated that the share capital of the Meliti plant company will add up to 58 million euros and that of the Megalopoli plants to 99 million euros. The market views this as a provisional valuation that could constitute the minimum amount required for their sale. The Meliti company will also include 244 workers, while that for Megalopoli will include 1,078 workers.