Greek power utility PPC screening potential acquisitions in Romania, Bulgaria

"Based on its Strategic Plan published as part of 2021’s Share Capital Increase and also mentioned in the subsequent publication of financial results, PPC is actively exploring organic and inorganic growth opportunities in Greece and Southeast European markets. Within this framework, PPC is screening selected potential acquisitions in Romania and Bulgaria, without however at the moment having any agreement or MoU in place," the Greek group said in a statement earlier this week.

The statement was published in response to a question by the Hellenic Capital Market Commission with respect to recent press reports of an allegedly imminent acquisition of 70% of Enel Romania and the signing of a relevant memorandum of understanding (MoU) between PPC and Enel group.

PPC was founded by the Greek government in 1950 and is listed at the Athens Stock Exchange since 2001. Its total installed capacity in Greece is 10,4 GW, with thermal and hydroelectric power plants as well as renewable energy sources installations. It is the owner of the distribution network with a regulated asset base of approximately 3 billion euro ($2.92 billion), which is operated by its subsidiary, HEDNO, according to information posted on its website.

Active on the Romanian market since 2005, Enel Group serves 2.8 million customers locally through its supply and distribution network, while Enel Green Power owns and operates renewable power plants.

($=1.0272 euro)