Power utility PPC’s strategic decision to decarbonize and make a dynamic entry into the renewable energy sector is the prospect that interests foreign fund managers most about the utility, judging by the overall response at a series of meetings between PPC chief executive Giorgos Stassis and fund managers in London over the past couple of days.
The PPC boss held meetings with over 30 fund managers as part of a roadshow at the London Stock Exchange.
PPC’s plans to restructure, boost cash flow and sell a majority stake of distribution network operator DEDDIE/HEDNO were also embraced by fund managers representing foreign funds such as Ambrosia Capital, Pictet Asset Management, One Investments, STJ and Schroders. But, without a doubt, the power utility’s plans for a greener future drew the greatest amount of interest.
For years now, green energy investors have found it difficult to fathom why Greece, a country blessed with abundant sunlight and exceptional wind energy potential, is not at the forefront of renewable energy developments, but, instead, missing RES targets.
PPC needs to take the initiative and develop major green investments, otherwise Greece will not establish itself as a key market player in this domain, the fund managers commonly believed.
Many foreign fund managers questioned how PPC would accumulate the capital needed to move ahead with its green plans given the fact that, until recently, it was in frantic search of between 900 and 950 million euros to avoid an unfavorable rating in an imminent report, due September 24, by certified auditor Ernst & Young.
PPC hopes a new business plan being prepared by McKinsey will convince investors and quell these fears.