PPC will complete the acquisition of Enel Romania in September and will become the largest energy player in Southeast Europe. The transaction will increase the number of PPC customers by 57%, the company said.
PPC will exceed its 1.1 billion euro EBITDA target for this year and close to 1.2 billion euro despite the energy price crisis, Georgios Stassis, the company’s president and CEO, announced yesterday, during the Annual General Shareholders’ Meeting.
With a significantly low risk profile, the company continues to implement the strategic business plan aimed at transforming the energy mix into a greener one, as well as reducing the use of lignite. “Despite the energy crisis, we are constantly moving towards the implementation of our strategic plan. The road is green, digital and customer-oriented,” he stated. At the same time, the PPC CEO emphasized that the company’s profitability continues to be resilient, in line with the trend ascending of the last three years.The company’s liquidity is at an optimal level, the increase in inflation not having an impact on the company’s investment plans.
The acquisition of Enel Romania, which received the approval of the European Commission last week, is estimated to be completed in the third quarter. This is the first major expansion outside Greece and is in line with the PPC energy transition strategy. The transaction will increase PPC’s customer base by 57%, increase distribution assets by 40% and power generation capacity in operation by 14%, Georgios Stassis said yesterday at the company’s Annual General Meeting of Shareholders.
“Most of the EBITDA of Enel’s activities in Romania comes from the Distribution activity, which is regulated and, by definition, very stable, so it will have a positive impact on the EBITDA of the PPC group. In addition, all the electricity production of Enel in Romania comes from renewable energy sources, which increases the percentage of green EBITDA in the total EBITDA and improves the relevant ESG indicators,” stated Georgios Stassis.
PPC aims to continue and develop what Enel has built over the last 18 years in Romania in terms of green energy, electric mobility, customer portfolio and value-added services, and intends to invest in the development of local operations. With the completion of the acquisition, the PPC Group will strengthen its position in the region and become the largest player on the energy market in South-Eastern Europe.