Two major deals expected to be struck early in 2023, barring surprise developments, namely Greek power utility PPC’s acquisition of ENEL Romania and Australian fund First Sentier’s takeover of TERNA Energy, promise to further internationalize the Greek energy market, reshaping it in the years to come through new opportunities and balances.
PPC’s completion of an agreement for ENEL Romania, a potential acquisition said to be worth between 1.3 and 1.4 billion euros, would open up the Balkans for the Greek utility and greatly increase the corporation’s size. ENEL Romania is roughly half the current size of PPC.
PPC and ENEL Romania’s parent company ENEL have signed a confidentiality agreement for exclusive negotiations ahead of due diligence.
As for TERNA Energy, the Australian fund First Sentier is believed to have completed its due diligence in November and reached a takeover agreement worth 2.34 billion euros.
According to sources, the Australian fund is now working on a financing agreement with Greek banks before finalizing the agreement.
If TERNA Energy’s share is sold at 22 euros, then the agreement with First Sentier could exceed 2.5 billion euros.
TERNA Energy’s investment plan for 2022-2029 is valued at 5.9 billion euros and includes additional RES installations of 5.5 GW, from 895 MW at present, the objective being to increase annual EBITDA to more than 700 million euros.