Athens Water Supply and Sewerage Company (EYDAP) announced its plans to actively pursue acquisitions of municipal water and sewerage enterprises outside of Attica, and has its eyes set on Boeotia, Fthiotida and Corinthia.

In a press event held on Thursday, senior leadership noted that the company already serves 66 municipalities in the Attica region and that it is in favor of a bill being prepared by the Greek government that will enable the company to proceed with such aquisitions.

The President of EYDAP George Stergiou and CEO Charalambos Sahinis explained that, of course, EYDAP will have to carefully analyze the financials of any potential acquisition target.

Acquisitions outside of the company’s traditional region of operation will be made possible by the Greek government’s continued restructuring of the sector and expected passing of a bill that will enable mergers and acquisitions in sector.

In the meantime, EYDAP says it has planned strategic investments that reach 1.85 billion euros to ensure the provision of quality services now and in the future. Of the amount, 900 million euros are reserved for eastern Attica with 90% of that amount coming from the European Union.

And approximately 350 million euros will be allocated to projects that will transform the way the company works. For example. they will focus on smart grids and meters, energy projects, new financial services and supply chain systems.

Sahinis explained that around 400 million euros will be spent to replace the water supply network and reduce leakages, and they have around 200 million euros reserved for sewerage projects.

EYDAP was founded in 1980 after the merge of two water suppliers and is the largest such company in Greece. It falls under the Regulatory Authority for Energy, Waste and Water (RAEWW), which has recently been formed through the extension of powers of the former Regulatory Authority for Energy (RAE) to include water and sewers. The pathway to the passage of a bill that will open the road for mergers and acquisitions comes as the Growth Fund transfers its shares back to the Greek public sector.