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.
RetuRO, the operator of Romania’s Deposit-Return System - SGR, has launched a pilot project in two of the capital’s parks that lets people leave their bottles, PET containers, and cans in special compartments attached to public trash bins so others can collect them and reclaim the deposit. The initiative, now in place in Kiseleff and […]
UniCredit announced that it finalized the merger of its Romanian subsidiary with Alpha Bank Romania, creating one of the largest financial institutions in the country and marking a new milestone in the group's growth strategy. The newly combined bank has 11% market share in assets, 13% in loans (UniCredit Consumer...
Romania's largest ruling party, the Social Democratic Party (PSD), broadly agrees with the reforms proposed by prime minister Ilie Bolojan (Liberal Party PNL), although there are some details still to be tackled, PSD interim president Sorin Grindeanu said after the party leadership's weekly meeting of August 18,
Romanian retail chain Annabella, developed by local entrepreneurs, took over 82 Profi stores and 5 Mega Image stores in a deal aimed at facilitating the expansion of the Mega Image retail chain that took over Profi from MidEuropa Partners for EUR 1.3 billion, Profit.ro...
The new tax on shifted profit proposed by the government is significantly impacting the attractiveness of Romania as a destination for foreign investments, and it is far more restrictive than the similar regulation in Poland, mentioned by the authorities as a source of inspiration, according to a report drafted by PwC. The consultancy firm salutes […]
The General Secretariat of the Romanian Government (SGG) has published for public consultations the draft law for the reform of the state-owned enterprises and the so-called autonomous institutions, such as the regulators for the financial, energy, and telecom markets (ASF, ANRE, and ANCOM, respectively), according to Cursdeguvernare.ro...
