PPC is taking an important step towards achieving its goal of increasing RES and diversifying its portfolio with the strategic agreement to acquire RES, in operation and under development, from the Kopelouzos and Samaras groups.

WHAT IT'S BUYING

• 2 wind farms with an installed capacity of 43.3MW commissioned in 2019 (11.5MW) in Karystos and in 2024 (31.8MW) in Mani
• Photovoltaics in operation with a total installed capacity of 23.3 MW
• RES projects under development 1.7GW. Of these, 1,050MW are wind farm projects, while the rest are photovoltaic
• 20% of Damco Energy of the Copelouzos Group's shares in Elektroproduction Alexandroupolis S.A. 

The strengthening of PPC's wind portfolio is considered particularly important, as the project portfolio to date has mainly included photovoltaics. In addition, with the acquisition of 20% of Alexandroupolis Power Generation, PPC increases its share from 51% to 71% and acquires a statutory majority.

PRICE

PPC acquires the operating renewable energy projects included in the deal at an advantageous price, as the EV/EBITDA of 7.2x is significantly lower than similar recent deals that have been executed. In addition, the fact that PPC will offer a combination of cash and treasury shares (€106 million in cash, €70 million in treasury shares) means that cash need not be used for the full amount of the acquisition. At the same time, it is also a vote of confidence by the Copelouzos Group in PPC's shares.

DEVELOPMENT PLAN

By 2026, the group's installed RES capacity will double to 8.9GW and RES will account for 68% of its total installed capacity through investments and partnerships in Greece, Romania and other regions in SE Europe. Total installed capacity will increase in 2026 to 13.1GW from 10.7GW today, despite the phasing out of lignite, gas, and oil-fired plants totalling 2.8GW. 

NORTHERN GREECE

At the end of H1 2024, PPC Renewables had approximately 3.3 GW of renewables under construction or ready for construction, representing 80% of the 4 GW needed to meet the 5.5 GW target set for 2026 in Capital Markets Day. In Northern Greece, PPC has a total of around 800MW under construction in Ptolemaida (at the Western Macedonia lignite centre) and there is a 26MW wind farm in the same area that is expected to be completed in the coming months. A new wind farm with an installed capacity of 140 MW has recently been added in eastern Romania. By the end of 2025, the 23 wind turbine park, which is currently in the construction phase, should be complete.

PARTNERSHIPS 

• Building a total of 940 MW of photovoltaics in the Amyndeon region's depleted mines in collaboration with RWE 16 photovoltaic projects with a combined licensed capacity of 1.6 GW that Motor Oil and PPC developed at various locations
• Agreement with Metlen Energy and Metals to develop a photovoltaic portfolio of up to 2.000 MW in Italy, Bulgaria, Croatia and Romania, to be acquired in stages by PPC when they are connected to the electricity grids of each country.
• Agreement with Intrakat, including 75 wind and PV projects under development with a capacity of 1,6 GW

ACQUISITIONS

PPC announced a month ago the conclusion of a binding purchase and sale agreement with Evryo Group for the acquisition of a renewable energy portfolio in Romania, with 629MW of installed capacity in operation and 145MW under development.  Upon completion of the deal, PPC's in-service RES portfolio in Romania will double and the group's total installed capacity will reach 5.3GW.