PPC Group announced the conclusion of an agreement-collaboration framework with the Copelouzos and Samaras groups for the acquisition of a RES portfolio of 66.6MW in operation, the acquisition of RES portfolio under development of installed capacity up to 1.7GW, as well as the acquisition of a 20% share in Alexandroupolis CCGT Power Plant.
The 66.6MW acquired by PPC Group include two wind parks with a total installed capacity of 43.3 MW which recently became operational in South Evia and Lakonia, two areas with high wind potential, as well as PV parks with a total installed capacity of 23.3 MW in operation. The total consideration for the portfolio amounts to an Enterprise Value of 111 million euros or 7.2x EV/EBITDA. It is noted that the capacity factor of the wind parks amounts to 32% on average, higher than the country’s average (27%), while most of the portfolio has a high weighted average electricity sale price.
In addition, PPC Group will acquire new RES projects under development with a total capacity of 1.7 GW in various licensing stages across Greece for a consideration of 106 million euros which PPC Group will further develop in collaboration with Copelouzos and Samaras groups.
PPC will also acquire the 20% stake held by DAMCO ENERGY of the Copelouzos Group in Ilektroparagogi Alexandroupolis S.A., for 27 million euros and therefore will hold 71% and statutory majority with the remaining 29% being held by DEPA Commercial. Alexandroupolis CCGT Power Plant is moving forward with the construction of the new thermal CCGT plant with a capacity of 840MW in the Alexandroupolis Industrial Area.
The signing of the final sale and purchase agreements as well as the final shareholders agreements is expected by the end of the year.
