A total of 26 questions forwarded by potential investors seeking clarification of terms in the main power utility PPC’s bailout-required sale of mines and power stations representing 40 percent of the utility’s overall lignite capacity indicates that considerable interest exists at this early stage of the sale.
Possible buyers, who had until Wednesday to submit their questions, focused mostly on procedural matters. The investors will be given an opportunity for close-up inspections of the Meliti and Megalopoli power facilities included in the sale package during the sale procedure’s second stage.
Interestingly, one questioned, concerning foreign currency calculations and the sale, revealed the early interest of a non-EU buyer, from China.
In other questions, potential buyers enquired if the representation of their bids could be replaced by special purpose vehicles (SPV) controlled by the firm or firms expressing initial interest. This will be permitted, enabling SPVs to participate in the latter stages of the sale.
Investors also asked if letters of gurantee issued by banks established in countries that are WTO members would be accepted for the sale. Letters of guarantee issued by banks with outlets in any EU member state or other European financial regions will be accepted.
PPC informed interested parties that official translations of all related sale documents will be provided, while also offering further information on details concerning documents that will need to be submitted by participants and certification issue dates.