PPC to snap up Volterra's 112-MW renewables portfolio in Greece

Greek power utility PPC SA (ATH:PPC) has sealed a binding agreement to acquire the 112-MW renewable energy portfolio of Volterra AE, the energy division of Greek construction group Avax.

The assets will be transferred to PPC Renewables, PPC’s green energy arm, in a deal with an enterprise value of EUR 133 million (USD 138.9m), the buyer said in a bourse filing last week.

Under the arrangement, PPC Renewables will buy the 55% it did not already own in Volterra K-R SA and Volterra Lykovouni SA, which are the owners of 69.7 MW of wind farms in the Aitoloakarnania and Beotia regions of Central Greece. Additionally, the PPC unit will take full control of the owner of a 2.7-MW solar park in Beotia and acquire two other entities holding a 39.5-MW wind project portfolio, the construction of which is set to start immediately.

The deal’s closing is subject to regulatory approvals, expected to be obtained “soon,” PPC said.

As part of its 2022-2026 business plan, PPC aims to grow its installed renewables fleet to 7.2 GW by 2024 and 9.5 GW by 2026 and move away from coal. The goal will be reached with an investment of EUR 9.3 billion.

(EUR 1.0 = USD 1.044)

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