Intrakat expects significant profits from the development of its Renewable Energy Sources (RES) portfolio, having now secured a strong partner, PPC Renewables (a 100% subsidiary of PPC) among the most profitable companies in the sector.
The binding agreement between PPC Renewables and the Intrakat group, for the joint development of a RES portfolio with a total capacity of up to 2.7 GW, includes investments of 1 billion euros.
The agreement corresponds to an enterprise value of 100 million euros. As estimated, a significant portion of the aforementioned amount will be recorded as a profit for Intrakat.
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 completion of the final sale purchase agreements and the final shareholder agreements is expected by the end of February 2024 the latest.
Commenting on the aforementioned agreement, Intrakat’s vice president and CEO, Alexandros Exarchou, stated that “the energy sector is at the core of our development strategy and is perhaps our most important pillar for the future. This strategic agreement brings us even closer to the realization of our goals” and added: “We believe that with this strategic partnership, we will not only create further value for our shareholders and the societies where we operate, but also offer the possibility to country to speed up the implementation of the
National Energy and Climate Plan, contributing to the decarbonization of the Greek economy and strengthening Greece’s energy self-sufficiency.”
The managing director of PPC Renewables, Konstantinos Mavros, said that “we are adding, to our already rich portfolio, six important RES projects, which fully correspond to our strategic planning. At the same time, we are launching a collaboration with Intrakat that leads both companies to a dynamic and safe development while at the same time serving the central goal of PPC Renewables to create an expanded and diversified portfolio of RES projects.”
