PPC announces the signing of a binding agreement between its subsidiary PPC Renewables and Intrakat Group for the joint development of a Renewable Energy Sources (RES) portfolio with a total capacity up to 2.7 GW.

Within the framework of said agreement, it is provided for, that Intrakat Group will transfer to PPC Renewables 6 RES projects, both in operation and in development, with a total capacity of 164 MW approximately.

These include the operating wind park “Fragaki” with a capacity of 15 MW, the 5MW wind farm “Kastri”, which is close to operation and the projects “Zigourolivado”, “Timenio”, “Kakodiavato” and “Karkaros” with a total capacity of 144 MW, which are currently under development.

At the same time, it is provided for, that PPC Renewables will participate with a 49% stake in holding companies of Intrakat Group, which own a portfolio of projects under development, with a total capacity of 1.6 GW, while the agreement can be expanded under certain conditions.

The transaction corresponds to an Enterprise Value of €100 m for the percentage participation of PPC Renewables.

The value of the joint investment in its potential full development is estimated to exceed €1 billion.

The completion of the final sale purchase agreements and the final shareholder agreements is expected by the end of February 2024 the latest.