PPC agrees to buy 774-MW renewables portfolio in Romania

Greek power utility PPC SA (ATH:PPC) has agreed to acquire the renewables portfolio of Romanian power producer and distributor Evryo Group which comprises 629 MW of operational assets as well as a 145-MW project pipeline.

The price tag of the deal stands at about EUR 700 million (USD 764.0m), the Greek company announced on Tuesday.

The transaction, which is aligned with PPC’s growth strategy in Romania and Southeast Europe, will add to its portfolio operational assets including a 600-MW onshore wind farm in the Dobruja region; 22 MW of hydropower, comprising four hydroelectric plants; battery energy storage of 6 MW; and a 1-MW of solar farm.

Upon completion, PPC's active renewables platform in the Balkan country will double, increasing the group’s overall portfolio of assets in operation to 5.3 GW.

The agreed acquisition is subject to regulatory clearances. The parties expect to wrap it up by the fourth quarter of 2024.

Evryo Group, formerly CEZ Romania, is owned by funds managed by Macquarie Asset Management. The company said in a separate statement that, after the completion of the deal, it will focus on its regulated distribution business.

(EUR 1 = USD 1.092)

Choose your newsletter by Renewables Now. Join for free!