State-backed funds in Greece may cut controlling stake in PPC
Kefalonia wind farm of PPC Renewables. Image by: Ameresco.
Greek sovereign wealth fund HCAP and one of its subsidiaries may lower their combined 51% shareholding in domestic power utility PPC SA (ATH:PPC), they said on Thursday.
Currently, Hellenic Corporation of Assets and Participations (HCAP) owns 34% of PPC, while its investment advisory arm Hellenic Republic Asset Development Fund (HRADF), which manages the privatisation of public assets in the country, holds 17%. In a press release indicating their support for a proposed share capital increase by PPC, the funds said they are considering a plan to trim their interest stakes in the utility to a combined blocking minority stake.
The goal of the proposal is to raise both the free float and private participation to create long-term value for the company and its investors. The plan would be subject to market conditions, the state-backed funds noted.
PPC said earlier on Thursday it may launch a EUR-750-million (USD 878.6m) share issue to support its capital expenditure plan in 2022-2026 via which it aims to grow its installed renewables fleet to 9.1 GW. A final decision on the matter is due to be taken by its shareholders on October 19.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.