ELPE, Edison reach deal with Ellaktor for its Elpedison share

Hellenic Petroleum (ELPE) and Edison, holding an equally divided 75.78 percent share of electricity producer and supplier Elpedison, have finalized an agreement with construction firm Ellaktor for the acquisition of its 22.74 percent share in the retail energy firm.

ELPE and Edison, now a subsidiary of France’s EdF, have submitted an undisclosed offer that has been accepted by Ellaktor, sources representing all three parties have confirmed. An official announcement on the agreement is expected within the next few days.

The agreement will give ELPE and Edison an equal share of Elpedison’s 98.52 percent. Halkor (Hellenic Copper Industry) is the holder of the remaining 1.48 percent.

Ellaktor’s decision to withdraw from Elpedison – part of a corporate restructuring plan pursued by the former’s new administration that includes a focus on renewable energy – triggered a clause in an agreement between Elpedison’s shareholders offering preferential rights to other shareholders in the event of a withdrawal.

Elpedison, whose retail electricity market share was last measured at 3.73 percent, in April, operates two gas-fueled power stations offering a combined production capacity of at least 810 MW.


RES-focused Ellaktor in talks for sale of its Elpedison stake

The Ellaktor group has reached an advanced stage in talks with foreign investors interested in acquiring its 22.74 percent stake in electricity producer and supplier Elpedison, sources have informed, a reflection of the corporate group’s intensifying focus on the renewable energy sector.

Last December, the Ellaktor group took over listed wind energy subsidiary El. Tech. Anemos, Greece’s second biggest renewable energy company, as part of a strategy to bolster its position in the RES domain and better adjust to the EU’s decarbonization policy aiming for a drastic reduction of CO2 emissions by 2030 and elimination by 2050.

The corporate group’s takeover of El. Tech. Anemos promises to provide additional cash flow supporting the subsidiary’s investment plan.

The brothers Anastasios and Dimitris Kallitsantsis, who took over the Ellaktor group’s helm last July following a tumultuous battle between the group’s major shareholders, had committed themselves, as a key strategy, to not selling the group’s stake in El. Tech. Anemos but, on the contrary, strengthen the group’s standing in the renewable energy sector.

ELPE (Hellenic Petroleum) and Edison – acquired by EDF – hold a 75.78 stake in Elpedison as a joint venture, Ellaktor holds 22.74 percent, and Halkor has the other 1.48 percent.