Greek PPC plans € 750m share issue to support renewable energy growth

Sept. 24 (Renewables Now) – Greek power company PPC SA (ATH: PPC) plans to launch a 750 million euro ($ 878.6 million) share issue to support its spending plan to investment for 2022-2026 through which it aims to increase its installed renewable energy fleet to 9.1 GW.

“The capital increase will enable PPC to carry out its ambitious transformation plan which began in 2019 and is already producing tangible results, as well as accelerate its transformation into a modern, financially and environmentally sustainable digital public service”, Chairman and CEO Georgios Stassis said Thursday. .

The Greek electricity company is currently implementing a plan to phase out its coal-fired power generation capacity and green its electricity mix. By 2026, its goal is to have 9.1 GW of renewable power plants in operation, including hydropower plants.

PPC intends to sell the 750 million euros of shares as part of a public offering in Greece and a private placement to institutional investors outside its home country. It will determine the sale price through a bookbuilding process, he said, adding that the offer will most likely be conducted on a non-preemptive basis, but that a priority allocation mechanism for shareholders. existing could be applied.

In addition to renewable energies, the funds raised will support PPC’s plan until 2026 to expand its activities into southern European markets and improve its capital structure.

PPC shareholders will vote on the proposed share issuance at a special meeting on October 19.

(1 EUR = 1.171 USD)

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