Greece's PPC launches EUR-1.35bn share sale

Wind farm in Karpathos, Greece. Source: PPC Renewables SA

November 3 (Renewables Now) - Greek utility PPC SA (ATH:PPC) on Tuesday kicked off a combined share offering that seeks to raise up to EUR 1.35 billion (USD 1.56bn) to finance its renewables ambitions.

In line with a plan to move away from coal, PPC aims to grow its installed renewable power generation fleet to 9.1 GW through its 2022-2026 capital expenditure plan.

Funds to back the plan will be raised through the combined share sale involving the issue of between 130 million and 150 million new shares. The stock will be sold at a price ranging between EUR 8.50 and EUR 9 apiece.

The transaction will include a public offering to retail investors in Greece and private institutional placement. Both deals are set to close on November 4.

Existing shareholders will be given priority allocation of the new stock.

According to a report by AMNA news agency, the bookbuilding process has covered the entire targeted amount and the deal is expected to be significantly oversubscribed.

The combined deal will lower the Greek state’s 51% majority to a blocking minority. In September, sovereign wealth fund Hellenic Corporation of Assets and Participations (HCAP) and its investment advisory arm Hellenic Republic Asset Development Fund (HRADF) said they planned to trim their stake in order to raise both the free float and private participation in PPC.

(EUR 1.0 = USD 1.158)

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