Announcement
Following our announcement on 1.9.2016, PPC S.A. announces that on Wednesday, September 14, 2016, Mr. Μ. Panagiotakis, Chairman and CEO of PPC S.A. and Mr. Fang Yanshui, Assistant President of the Chinese company CMEC, signed a Memorandum of Understanding (MoU).
It is reminded that this is a decisive step for the construction of the second, state of the art, lignite unit in the Meliti power plant (Florina) within the framework of setting up an independent joint venture, where PPC, CMEC and the owners of the lignite mines which will supply lignite to the power plant will participate (Meliti project).
This is an investment in the order of € 700 mln for the construction of the Unit, whereas including the significant capex for the mines, the total amount will exceed € 1 bln, contributing to further upgrading lignite-fired generation with a state of the art unit which will have an efficiency rate of 41.5%, while at the same time minimizing CO2 emissions. This investment combined with the scheduled decommissioning of older units will improve both the competitiveness of lignite-fired generation and the environmental footprint.
The above will be beneficial, not only for PPC, but for the Greek economy as well.
Athens, September 15, 2016