PPC announced the signing of a binding agreement between its subsidiary PPC Renewables and Intrakat Group for the joint development of a Renewable Energy Sources (RES) portfolio with a total capacity of up to 2.7 GW.
Based on the agreement, it is provided that Intrakat Group will transfer to PPC Renewables 6 RES projects, both in operation and in development, with a total capacity of 164 MW approximately. These include the operating wind park “Fragaki” with a capacity of 15 MW, the 5MW wind farm “Kastri”, which is close to operation and the projects “Zigourolivado”, “Timenio”, “Kakodiavato” and “Karkaros” with a total capacity of 144 MW, which are currently under development.
Moreover, PPC Renewables will participate with a 49% stake in holding companies of Intrakat Group, which own a portfolio of projects under development, with a total capacity of 1.6 GW, while the agreement can be expanded under certain conditions.
The transaction corresponds to an Enterprise Value of 100 million euros for the percentage participation of PPC Renewables.
The value of the joint investment in its potential full development is estimated to exceed 1 billion euros.
The completion of the final sale purchase agreements and the final shareholder agreements is expected by the end of February 2024 the latest.
