PPC expands RES portfolio with acquisitions from Copelouzos and Samaras
The Public Power Corporation Group announced on Wednesday the conclusion of a Cooperation Framework Agreement with the Copelouzos and Samaras Groups for the acquisition of a portfolio of renewable energy sources in operation, with a total installed capacity of 66.6 megawatts, the acquisition of a renewable energy portfolio under development with an installed capacity of up to 1.7 gigawatts and the its joint development with the Copelouzos and Samaras Groups, as well as the acquisition of a 20% stake in the company Elektroparagogi Alexandroupolis SA, which is developing a CCGT unit (840 MW), in which PPC already holds a majority stake (51%).
The 66.6 MW in operation that PPC Group is acquiring concerns two wind farms with a total installed capacity of 43.3 MW that were recently put into operation in southern Evia and Laconia, two areas with high wind potential, and photovoltaic parks with a total installed capacity of 23.3 MW in operation.
The transaction for the portfolio corresponds to an Enterprise Value of 111 million euros. It is noted that the capacity factor of the wind farms amounts to 32% on average, higher than the average of the country (27%), while most of the portfolio has a high average energy sales price.
In addition, the PPC Group will acquire renewable energy projects under development with a total capacity of 1.7 GW in various licensing phases and regions of the Greek territory, at a price of €106 million, which it will further develop with the Copelouzos and Samaras Groups.
Finally, PPC acquires the 20% held by Damco Energy of the Copelouzos group in Power Generation of Alexandroupolis SA. for €27 million, and will hold 71% and the statutory majority, with the remaining 29% belonging to DEPA Commercial. Power Generation of Alexandroupolis is moving forward dynamically with the construction of the new Combined Cycle Natural Gas (CCGT) Thermal Power Station with a capacity of 840 MW at the Industrial Zone of Alexandroupoli.
Completion of the definitive purchase and sale agreements and definitive shareholder agreements is expected by the end of the year.
