ANNOUNCEMENT
Commenting on today’s press articles concerning Wind Park investments, PPC informs that the Board of Directors of the Company decided to initially approve a Wind Park investment of 150 MW total capacity and with a budget of € 180 million in Rodopi, so that RAE can subsequently proceed with the evaluation of the relevant applications for the granting of Electricity Generation licenses.
Moreover, and in the context of the funding structure proposal for the said investments requested by RAE according to the usual practice, the Board decided to approve the funding plan as follows:
- 60% of the funding to be provided from bank financing, and
- the remaining 40% will be covered from PPC Renewables SA own funds, following a capital injection from PPC SA (through a share capital increase or shareholder bond loan etc). Such capital contribution by PPC SA for the coverage of own funds participation will be approved by a relative decision of the General Meeting of PPC Renewables SA, when required, and, in any case, following granting of all required licenses and/or approvals and prior to the commencement of the Wind Parks’ construction.
Finally, the Board approved:
- the investment concerning the construction of a Wind Park of total capacity
of 7.5 MW and total budget of € 9,002,700, plus option for one additional Wind Generator of up to 3.3 MW and with a budget of €3,960,000 in Crete, and
- the launching of an open international tender for the awarding of the project.
Athens, July 23, 2014