The PPC Group from Greece announced on Wednesday the completion of the transaction through which it acquired the shares held by the Enel Group in Romania, successfully concluding its first major expansion on the foreign market, the group informs in a release.The completion of the transaction represents a landmark event for PPC's growth strategy, through the acquisition of a significant portfolio of renewable projects (both completed and under development), but also of electricity distribution and supply operations in Romania.Pursuant to the sale agreement signed on March 9, 2023, PPC paid approximately 1.240 billion euros, equivalent to an enterprise value of approximately 1.9 billion euros (100% of the shares)."PPC's objective is to become a leader on the clean energy market in South-Eastern Europe, with an investment plan focused on renewables. The acquisition of Enel's activities in Romania is the ideal choice both from a geographical point of view and from the point of view of businesses. I want to thank all the teams that contributed to the successful completion of the transaction. Today, we begin the process of growth and transformation in Romania, motivated by the desire to become the most important energy company in the country," said Georgios Stassis, president and CEO of PPC.Enel Romania is a key player on the energy market in Romania, a leader in the field of renewable energy, with a total installed capacity of 600 MW and another 5 GW of projects in various stages of development. For these reasons, the acquisition of Enel Romania aligns with PPC's energy transition strategy, but also with its development plan in Southeast Europe. On the electricity and gas supply market, the company has over 3.1 million customers and 81 stores throughout the country. It is also the operator of the distribution network in 3 regions of the country, including Bucharest, covering approximately one-third of Romania's territory, with over 133,000 km of network, and has already installed over 1.4 million smart meters for residential customers and companies.
President Nicușor Dan, in office for roughly three months, attended the Salzburg Industrialists' Summit, the most important reunion of the Austrian business community, urging them to invest in Romania. Specifically, the president emphasized the strategic opportunities in the defense, energy, infrastructure, and logistics sectors. “Romania is significantly expanding its defense industry. Our sector offers real […]
A scandal broke out on Friday, July 25, after it was made public that deputy prime minister Dragoș Anastasiu was a witness in an older corruption case involving one of his companies. The company, Eurolines, paid bribes for eight years to a financial inspector from Romania’s tax agency ANAF. Records from the Anti-Corruption Directorate show that between […]
A scandal broke out on Friday, July 25, after it was made public that deputy prime minister Dragoș Anastasiu was a witness in an older corruption case involving one of his companies. The company, Eurolines, paid bribes for eight years to a financial inspector from Romania’s tax agency ANAF. Records from the Anti-Corruption Directorate show that between […]
The Drapers' Bastion in Brașov, built between the years 1450–1455, will be restored with European funds. The urban landmark will become an interactive museum integrated into the tourist circuit. The rehabilitation of the Drapers' Tower will support not only tourism but also the construction sector, contributing to the economic and cultural revitalization of Brașov, according […]
The National Meteorological Administration (ANM) has issued a code-red warning for persistent and intense heat from July 26, 10:00 AM to July 27, 10:00 AM for the regions of Banat, Oltenia, most of Muntenia, and southern continental Dobrogea. Day temperatures are expected to reach between 39 and 43 degrees Celsius, while the temperature-humidity index is […]
The fifth edition of Jazz Bastion will bring three concerts to the Weavers' Bastion in Brașov, featuring musicians from Romania, Ireland, and Switzerland. This year's edition "highlights the cultural diversity of music, which always brings together artists and audiences alike, regardless of language, nationality or affinities," the organizers explained. The public can attend performances by […]
