600MW onshore wind, 22MW hydro, 1 MW solar, 6MW batteries in operation About 145MW pipeline assets Affirmation of PPC Group’s strong commitment to the green energy transition- RES portfolio in Romania to double after completion Diversification of PPC Group’s RES portfolio with the addition of large scale wind projects Strengthening of PPC Group’s growth strategy in Southeast Europe PPC announces that it has entered into a binding agreement with Evryo Group, owned by funds managed by Macquarie Asset Management, to acquire their renewable energy generation portfolio in Romania, which comprises 629MW RES in operation, and about 145MW in pipeline assets. The agreement has a total enterprise value of approximately €700 million with the overall valuation being in line with precedent transactions on the market, and the total consideration being subject to customary adjustments. The acquisition further strengthens PPC Group’s growth strategy in Romania and Southeast Europe, with the addition of a significant renewables operating portfolio, including 600MW onshore wind, 22MW hydro, 6MW BESS, 1MW solar PV installed capacity, and about 145MW pipeline assets. Upon completion of the agreement, PPC’s RES portfolio in operation in Romania will double and total RES of PPC Group in operation will reach 5.3GW. PPC Group has extensive experience in operating RES projects with a substantial solar pipeline in Greece. This transaction will broaden and diversify the business’s renewable energy operations with the addition of large scale wind projects and hydro power plants in the Romanian region. The funding of the transaction is structured to be compatible with PPC Group’s financial policy, to remain well within Group’s target leverage ceiling. Upon completion, PPC Group will add an estimated EBITDA of €100 m. on an annual basis. Mr. Georgios Stassis, Chairman and Chief Executive Officer of PPC Group, stated: “This acquisition represents a significant new step for PPC Group’s overall growth strategy in Southeast Europe. We accelerate the build out of renewables’ generation in Romania by doubling our portfolio of RES in operation, and most significantly with wind and hydro, further diversifying our RES mix, with assets located in the most sought-after regions in Romania, with high wind speeds. Our regional strategy in renewables targets to power generation across attractive markets, with a diversified technology portfolio. Southeast Europe is an increasingly interconnected market, with converging power prices and, thus, value can be created from adjacent synergies in trading, supply and risk diversification.” Citigroup Global Markets Europe AG and Euroxx Securities SA are acting as financial advisors, and Clifford Chance as legal advisor to PPC Group in connection with the Acquisition. The closing of the Acquisition is expected to occur by the fourth quarter of 2024, and will be subject to certain conditions precedent customary for this kind of transaction, including, among others, clearance from the relevant antitrust authorities. PPC is the leading South-East European electric utility, with activities in electricity generation, distribution and sale of advanced energy products and services in Greece, Romania and North Macedonia. PPC has a total installed capacity of 11.,5GW, consisting of thermal, hydro and RES installations with a total annual generation amounting to approximately 20TWh, while the total Regulated Asset Base of its networks amounts to € 4.3 bn approximately. PPC Group is the leading supplier of electricity in Greece and Romania, servicing 8.8m. customers in total, providing them with approximately 33TWh of energy and a wide range of energy products and services. PPC is publicly listed, and its shares are traded on the Main Market of the Athens Exchange.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
