Greece's PPC in exclusive speak with get Enel's Romanian assets

Dec 15, 2022 01:11 PM ET
  • Greek power utility PPC SA (ATH: PPC) claimed today it has actually gotten in unique talks with Enel SpA (BIT: ENEL) over the possible procurement of the Italian energy firm's company in Romania.

The exclusivity arrangement covers the period until the end of January 2023, throughout which Enel Romania will certainly open its publications. Once the due diligence is completed, PPC's board of supervisors will decide whether to make a binding proposal to the Italian peer.

In Romania, Enel serves 2.8 million customers through its supply as well as distribution network. The group's local green power arm Enel Green Power Romania possesses 12 wind and also solar parks of 534 MW in total amount.

Enel's intention to offload its assets in Romania is part of the group's strategy to tighten up spending in 2023-2025 by losing assets worth EUR 21 billion (USD 22.3 bn) as it works to reduce web financial obligation as well as focus on six core markets. The strategy, offered in November, envisages the sale of assets in Romania, Peru, Argentina as well as Brazil.

According to regional media reports, Canada's Brookfield Asset Management as well as UK-based Amber Infrastructure are likewise amongst the suitors of Enel's Romanian company, apart from PPC.

Under its 2022-2026 service strategy, PPC intends to expand its mounted renewables fleet to 7.2 GW by 2024 and 9.5 GW by 2026 and move away from coal. The utility has actually committed to investing EUR 9.3 billion on behalf of the goal.

Solar Installers, Manufacturers