Power utility PPC will proceed with a 750 million-euro equity capital increase, effectively a partial privatization coming twenty years after a previous round at the bourse that will result in a decrease of privatization fund TAIPED’s current stake in the company from 51 percent to 34 percent.
The company administration’s step back for a minority share, plus management, aims to maximize the participation of foreign institutional investors, who, along with local investors, are expected to easily cover the equity capital increase’s financial demands.
US, British and northern European funds are among the interested parties, private talks held over the past six months, at least, have indicated, energypress sources informed.
Blackrock, EBRD, Fidelity, Apollo, Carmignac, Twenty Four AM, Bluecrest, Pictet, Union Investments, Sona Asset Management, Barings, Aperture, Saba Capital and Vontobel are funds that could be involved, it is believed.
The equity capital increase paves the way for the influx of capital that will contribute to PPC’s 8.4 billion-euro investment plan until 2026, currently ranked as the most ambitious in the Greek market.
Besides the installation of RES units with a total capacity of 8.1 GW, PPC also aims to branch out into the Balkans, beginning 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.