PPC announces that it has entered into a binding agreement with Evryo Group to acquire their renewable energy generation portfolio in Romania, which comprises 629 MW RES in operation, and about 145 MW in pipeline assets. The agreement has a total enterprise value of approximately 700 million euros with the overall valuation being in line with precedent transactions on the market, and the total consideration being subject to customary adjustments.
The acquisition further strengthens PPC Group’s growth strategy in Romania and Southeast Europe, with the addition of a significant renewables operating portfolio, including 600 MW onshore wind, 22 MW hydro, 6 MW BESS, 1 MW solar PV installed capacity, and about 145 MW pipeline assets. Upon completion of the agreement, PPC’s RES portfolio in operation in Romania will double and total RES of PPC Group in operation will reach 5.3 GW.
Georgios Stassis, Chairman and Chief Executive Officer of PPC Group, stated: “This acquisition represents a significant new step for PPC Group’s overall growth strategy in Southeast Europe. We accelerate the build out of renewables’ generation in Romania by doubling our portfolio of RES in operation, and most significantly with wind and hydro, further diversifying our RES mix, with assets located in the most sought-after regions in Romania, with high wind speeds. Our regional strategy in renewables targets to power generation across attractive markets, with a diversified technology portfolio. Southeast Europe is an increasingly interconnected market, with converging power prices and, thus, value can be created from adjacent synergies in trading, supply and risk diversification.”
Citigroup Global Markets Europe AG and Euroxx Securities SA are acting as financial advisors, and Clifford Chance as legal advisor to PPC Group in connection with the Acquisition.
The closing of the acquisition is expected to occur by the fourth quarter of 2024 and will be subject to certain conditions precedent customary for this kind of transaction, including, among others, clearance from the relevant antitrust authorities.