Greece’s electricity supplier PPC has completed the acquisition of Enel’s activities in Romania, successfully concluding its first major expansion abroad.
The acquisition represents a transformational event for PPC’s growth strategy, with the acquisition of a significant renewables portfolio (both operating and pipeline) and leading electricity distribution and supply businesses in Romania. Specifically, PPC finalised the acquisition of all the equity interests held by Enel and its subsidiaries in Romania, following the fulfilment of certain conditions precedent customary for these kinds of transactions set forth in the related sale agreement, signed on 9 March 2023. In line with the above agreement, PPC paid a total consideration of approximately 1,240 million euros, equivalent to an enterprise value of around 1,900 million euros (on a 100 per cent basis).
With the completion of the acquisition of Enel’s activities in Romania, PPC Group currently has a total of almost 9 million customers and the total RES installed capacity of the Group (hydroelectric, wind, photovoltaic) increases to approximately 4.4. gigawatts (GW). In addition, all of Enel’s electricity generation in Romania comes from RES, which increases the percentage of “green EBITDA” in PPC’s total EBITDA and improves the relevant ESG indicators.
“PPC’s goal is to become the leading clean energy company in Southeast Europe,” noted the Chairman and CEO of PPC, Georgios Stassis. “The acquisition of Enel’s activities in Romania is an ideal choice both from a geographical and a business point of view. I want to thank all the teams who managed to complete the acquisition. Today, we are embarking on a journey of growth and transformation in Romania, with the ambition to become the country’s undisputed leading energy company.”