Power utility PPC’s chief executive Giorgos Stassis, in an extensive update to analysts following the announcement of a 750 million-euro equity capital increase plan, described the utility of the future as a radically transformed company to be primarily based on green energy production.
Stassis, who was addressing approximately 120 analysts, noted that the equity capital increase plan’s timing reflects current opportunities for PPC as well as the country’s needs.
Besides takeover opportunities in Balkan markets and RES sector investments that will help Greece achieve its energy and climate plan objectives, the country will also decrease its exposure to energy imports at fluctuating price levels, according to the chief executive.
The equity capital increase, Stassis noted, will enable PPC to carry out an 8.4 billion-euro investment plan by 2026, its objectives including the installation of RES units with a total capacity of 9.1 GW.
The utility has set an objective for a green-related EBITDA exposure of 39 percent by 2026, up from 17 percent at present.
PPC’s push for greater Balkan presence is planned to begin with projects in Romania and Bulgaria.
Romania’s RES market is growing at an annual rate of 8 percent, the country’s objective being to reach an installed capacity of 6 GW by 2030. Bulgaria’s RES market is growing at an even greater rate, 15 percent. The neighboring country’s objective is to have installed a further 3 GW by 2030.