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Greek group PPC completes takeover of Enel operations in Romania
The PPC Group from Greece announced on Wednesday the completion of the transaction through which it acquired the shares held by the Enel Group in Romania, successfully concluding its first major expansion on the foreign market, the group informs in a release.
The completion of the transaction represents a landmark event for PPC's growth strategy, through the acquisition of a significant portfolio of renewable projects (both completed and under development), but also of electricity distribution and supply operations in Romania.
Pursuant to the sale agreement signed on March 9, 2023, PPC paid approximately 1.240 billion euros, equivalent to an enterprise value of approximately 1.9 billion euros (100% of the shares).
"PPC's objective is to become a leader on the clean energy market in South-Eastern Europe, with an investment plan focused on renewables. The acquisition of Enel's activities in Romania is the ideal choice both from a geographical point of view and from the point of view of businesses. I want to thank all the teams that contributed to the successful completion of the transaction. Today, we begin the process of growth and transformation in Romania, motivated by the desire to become the most important energy company in the country," said Georgios Stassis, president and CEO of PPC.
Enel Romania is a key player on the energy market in Romania, a leader in the field of renewable energy, with a total installed capacity of 600 MW and another 5 GW of projects in various stages of development. For these reasons, the acquisition of Enel Romania aligns with PPC's energy transition strategy, but also with its development plan in Southeast Europe. On the electricity and gas supply market, the company has over 3.1 million customers and 81 stores throughout the country. It is also the operator of the distribution network in 3 regions of the country, including Bucharest, covering approximately one-third of Romania's territory, with over 133,000 km of network, and has already installed over 1.4 million smart meters for residential customers and companies.