Further highlighting the tremendous investor interest in power utility PPC’s equity capital raise, EBRD has signed to participate with capital of between 75 and 100 million euros, a move following a commitment by major fund CVC Capital to invest between 350 and 396 million euros for a 10 percent stake in the energy company.

The equity capital raise’s book building commences tomorrow with over ten institutional investors from abroad considered certain to participate.

CVC and EBRD have both signed agreements with PPC while a series of other interested parties have pledged to participate. These include Fidelity, Oakhill, Shroeders, Apollo, Bluecrest and Pictet.

Despite Blackrock’s extensive talks with PPC, as well as City and Goldman Sachs, coordinating the equity capital raise, this major fund may not participate for reasons not yet known, according to some sources. Until now, Blackrock’s participation was seen as certain.

The raise may attract as much as 1.35 billion euros, of which 85 percent, or 1.15 billion euros, is expected to be provided by foreign investors.

The equity capital raise will increase the stake of private investors from 34 percent to 66 percent and offer the corporation fresh capital for its enormous investment plan.

PPC is striving to implement an ambitious 8.4 billion-euro investment plan by 2026.