December 18 (Renewables Now) - The Greek state intends to sell 49% of Hellenic Electricity Distribution Network Operator SA (HEDNO) to help its troubled owner, power utility Public Power Corp SA (ATH:PPC), Reuters reported on Monday.
Greece wants both institutional and strategic investors to be interested in the stake, therefore, it would give minority shareholders strong rights with the purchase, energy minister Kostis Hatzidakis was cited as saying. Hatzidakis was talking to Greek lawmakers.
The stake sale process is expected to begin next year, according to an energy official.
State-controlled PPC, which operates lignite-fired and hydropower plants, reported earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 96.9 million (USD 106.3m) for the nine months to September, down 73% on the year. The result reflected high operating expenses in the period.
(EUR 1.0 = USD 1.1)