The Public Power Corporation (PPC) and the Intrakat Group have announced a significant agreement in the Renewable Energy sector marking a strategic partnership in the field.
PPC Renewables, specifically, has entered into a binding Framework Cooperation Agreement with Intrakat for the joint development of a Renewable Energy Portfolio (RE) with a total capacity of up to 2.7 GW.
According to the agreement, the Intrakat Group is set to transfer six operational and under-development RE projects to DEI Renewables, totaling approximately 164 MW.
PPC Renewables Becomes a Shareholder in Intrakat Affiliated Companies
Concurrently, PPC Renewables is expected to acquire a 49% ownership stake in holding companies of the Intrakat Group, which owns a portfolio of projects under development, totaling approximately 1.6 GW. The agreement allows for potential expansions under certain conditions. The transaction for PPC Renewables’ participation amounts to an Enterprise Value (EV) of €100 million while the aggregate value of the joint investment in its potential full development is estimated to exceed €1 billion.
The Chief Executive Officer of PPC Renewables, Konstantinos Mavros, stated: “PPC Renewables believes in the right partnerships that add value and bring benefits to all parties. Today, we are adding six significant Renewable Energy projects to our already rich portfolio, which fully align with our strategic planning.”
On his part, the Vice Chairman of the Board and CEO of Intrakat, Alexandros Exarchou, stated: “The initiation of this strategic alliance with PPC Renewables accelerates our ambitious plan for the development of Renewable Energy projects in Greece and will significantly contribute to the country’s energy transition – an extremely timely issue due to climate change.”
The finalization of the definitive purchase agreements and shareholder agreements is expected no later than the end of February 2024.