November 21, 2024
PPC Group completes acquisition of Evryo Group’s 629MW RES Romanian portfolio
· 600MW onshore wind, 22MW hydro, 1 MW solar, 6MW batteries in operation
· About 145MW pipeline assets
· Affirmation of PPC Group’s strong commitment to the green energy transition- RES portfolio in Romania to double after completion
· Diversification of PPC Group’s RES portfolio with the addition of large scale wind projects
· Strengthening of PPC Group’s growth strategy in Southeast Europe
PPC, following its announcement on August 6, 2024, announces the completion of the acquisition of Evryo Group’s renewable energy generation portfolio in Romania, a portfolio owned by funds managed by Macquarie Asset Management. This acquisition marks a significant milestone in PPC Group’s strategy to expand its renewable energy (RES) portfolio and deepen its commitment to the green energy transition across Southeast Europe. With the addition of Evryo Group's 629MW RES capacity, PPC Group’s total renewable assets in Romania doubles, further advancing its growth in the region and enhancing its portfolio diversity with large-scale wind and hydro projects.
The acquired portfolio comprises 600MW of operational onshore wind, 22MW of hydro, 1MW of solar PV, and 6MW of battery storage, with a further 145MW in pipeline assets. This substantial addition will see PPC Group’s total RES capacity across all regions increase to 5.5GW, reinforcing its position as a leading renewable energy provider in Southeast Europe.
This transaction, valued at approximately €700 million, aligns with PPC Group’s financial policy and leverage targets, while the portfolio’s estimated annual EBITDA contribution of €100 million will further support PPC’s robust growth trajectory.
Mr. Georgios Stassis, Chairman and CEO of PPC Group, commented: "We are excited to finalize this acquisition, which is a major step forward in our Southeast Europe expansion. By doubling our operational RES capacity in Romania, PPC Group is significantly enhancing its renewable footprint and diversifying its portfolio with high-value wind and hydro assets in key locations. The Romanian market provides excellent wind resources and is a strategic part of PPC Group’s plan, as we strengthen our renewable energy network across the region."
The completion of this transaction demonstrates PPC Group’s commitment to regional leadership in sustainable energy and positions it to capitalize on synergies across power trading, supply, and risk management in the Romanian market. PPC Group’s enhanced presence in Romania aligns with its mission to deliver reliable, sustainable energy solutions to an expanding customer base in Southeast Europe.
PPC Group was advised by Citigroup Global Markets Europe AG and Euroxx Securities SA as financial advisors, with Clifford Chance providing legal advice, and KPMG Advisory SRL and TÜV Hellas financial and technical Due Diligence support respectively.
PPC is the leading South-East European electric utility, with activities in electricity generation, distribution and sale of advanced energy products and services in Greece, Romania and North Macedonia. PPC Group has a total installed capacity of 12.2GW, consisting of thermal, hydro and RES installations with a total annual generation amounting to approximately 21TWh, while the total Regulated Asset Base of its networks amounted to € 4.3 bn approximately at the end of 2023. PPC Group is the leading supplier of electricity in Greece and Romania, servicing 8.8m. customers in total, providing them with approximately 33TWh of electricity and a wide range of energy products and services. PPC is publicly listed, and its shares are traded on the Main Market of the Athens Exchange.