PPC to buy Enel’s Romanian business and renewable portfolio

Greek utility Public Power Corporation SA (PPC) has signed an agreement to acquire the entire Romanian equity and assets of Enel Group.

According to PPC’s investor relations presentation, Enel has 3.1GW of solar PV projects and an additional 2.3GW of wind projects in Romania. The deal represents an approximately €1.3 billion ($1.38 billion) transaction, equivalent to an enterprise value of €1.9 billion ($2 billion), and marks PPC’s first expansion beyond Greece into a new territory.

The acquisition is expected to close in Q3 2023. PPC said it plans to finance the deal with a combination of debt and cash on its balance sheet, including 800 million euros from Greek banks in a 5-year loan and the rest for debt financing from international financiers.

Georgios Stasis, Chairman and CEO of PPC, said: “This is a unique opportunity to acquire an integrated utility platform at an attractive valuation, which sets PPC on the path to becoming a leading clean utility player in the South-East European region.

Enel said the sale is in line with its growth plans to focus on “high-growth countries” such as Spain, the US, South American countries and Italy. The company is currently developing a 3GW bifacial PV module manufacturing plant in southern Italy.

In January, PPC received a US$30 million loan from the European Investment Bank to finance 230MWp of solar PV projects in Greece, and in 2021 the company formed a joint venture with Germany’s RWE to develop 2GW of Greek PV.

Romania has become one of the most promising markets for solar PV in Europe. Last week, AE Solar announced plans to build a 10GW module manufacturing facility in the country, which will be the largest on the continent when completed. PV Tech Premium He recently noted a ‘renewed wave’ of forecasts in Romania ahead of the deal on the diversification plan, which starts later this year.
The most recent issue of our bottom journal. Power of PV Tech Deep penetration into the Romanian market.

PV Tech PPC has been reached out for further comment on the acquisition.

PV Tech publisher Solar Media will host the second edition of the large-scale Solar CEE in Warsaw, Poland from November 8 to 9, 2023. The event focuses on Eastern Europe with a curated program of panels, presentations and fireside discussions from industry leaders. Construction of solar and storage projects in Poland, Bulgaria, Romania, Greece and Hungary.