PPC-Mytilineos Agreement For Solar Parks Abroad

A day after officially announcing the purchase of a domestic appliance retail chain Greece’s dominant electricity utility, the Public Power Corp. (PPC), signed a framework agreement with Athens-based Mytilineos industrial conglomerate to develop and exploit photovoltaic units of up to 2000MW in Italy, Bulgaria, Croatia and Romania.

The deal, as previously reported by ot.gr, is billed as valued at two billion euros, with an implementation horizon of three years.

Broken down, the agreement cites roughly 90 photovoltaic units (solar parks) possessed by Mytilineos in Italy (503 MW), Romania (516MW), Bulgaria (500 MW) and Croatia (445 MW), with the latter at various stages of development.

Upon completion of the solar parks and their connection with the grids in the respective countries, the units will be acquired by ATHEX-listed PPC.

The agreement comes days after PPC announced FY23 results showing a return to profitability, with EBITDA at 1.5 billion euros (pro forma) and a subsequent proposal by the state-run utility’s board for a 0.25-euro per share dividend.

Source: tovima.com