Greek power utility in deal to buy Volterra's renewables portfolio (updated)
09/06/2022 17:12
(Adds details)
ATHENS, June 9 (Reuters) - Greek electricity utility Public
Power Corp. (PPC) DEHr.AT said on Thursday it had agreed to
buy the renewable energy portfolio of Volterra, a fully-owned
unit of construction group Avax AVAr.AT .
PPC said the value of the deal corresponds to an enterprise
value of 133 million euros ($141.72 million) and is subject to
regulatory approvals.
"PPC Renewables gets a significant portfolio of renewable
energy sources of more than 110 Megawatts, which helps increase
its own portfolio and its differentiation through the addition
of wind parks," a PPC official said, declining to be named.
Volterra's Chief Executive Panos Nikou called it a "win-win
deal" as it implements part of Volterra's strategy.
Volterra will continue to develop renewable energy sources
and energy storage projects, he said.
PPC, which is 34% state owned and Greece's biggest power
utility, plans to invest about 5 billion euros by 2024 to ramp
up renewables capacity to at least 7.2 gigawatt by that date and
shift away from coal-fired power generation.
($1 = 0.9384 euros)
(Reporting by Angeliki Koutantou and George Georgiopoulos;
editing by David Evans)
((george.georgiopoulos@thomsonreuters.com; +30210 337 6437;
Reuters Messaging:
george.georgiopoulos.thomsonreuters.com@reuters.net))