March 10 (SeeNews) - Greek utility Public Power Corporation (PPC) said that as part of its acquisition of Italian group Enel's assets in Romania for some 1.26 billion euro ($1.33 billion), it is also getting a portfolio of green energy generation projects with a cumulative planned capacity of 5.4 GW.
The green energy pipeline is ten times the size of Enel’s existing renewable energy projects in Romania, which amount to an installed capacity of 535 MW, PPC revealed in a presentation to its investors, published on its website on Thursday.
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“Greece is likely to remain a net importer and benefit from exploring opportunities in less congested RES markets,” PPC said in the presentation.
The project pipeline involves seven wind farms and eleven solar parks with total installed capacities of 2.3 GW and 3.1 GW, respectively. This adds to Enel’s operational green energy generation portfolio, which comprises eight wind farms and four solar parks with total installed capacities of 499 MW and 36 MW, respectively.
Of the 5.4 GW renewable pipeline, 314 MW comprise short-term additions, while the implementation of the remaining 5.1 MW involves a longer time frame.
Following the acquisition of Enel’s operations in Romania, PPC will immediately increase its renewables operating capacity from approximately 3.5 GW to 4 GW. Enel’s green energy pipeline will also raise PPC’s own to about 15 GW, from the 10 GW it had already planned.
In addition to renewable assets, PPC is also taking over Enel’s distribution and supply energy portfolio. The immediate impacts of these assets across PPC’s operating segments include a 1.15 billion euro increase in its regulatory asset base on the distribution side and a 56% increase in its customer base on the energy supply side, which is expected to reach 8.9 million.
The acquisition of Enel’s Romanian assets is expected to close by the third quarter of 2023, PPC said in a separate press release on Thursday.
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