The European Bank for Reconstruction and Development (EBRD) is supporting the transformation of the Public Power Corporation (PPC), Greece’s largest power producer and electricity supplier, with an investment of €75 million in the company’s €1.35 billion share-capital increase.
The EBRD’s proceeds will be used exclusively for renewable energy assets and will explicitly exclude any fossil fuel assets.
The new capital will enable PPC to accelerate its investments in renewable energy, both in Greece and in south-eastern Europe, and to become a financially and environmentally sustainable, modern and digital utility. As a result of the transaction, PPC also aims to benefit from a more diversified investor base that has a greater focus on environmental, social and governance (ESG) issues.
PPC has a total capex target of €6 billion for 2022-24, of which €3.2 billion is expected to be invested in renewable energy and €1.0 billion in electricity distribution. The firm’s rapid programme for phasing out lignite will be complemented by a massive increase in renewable energy capacity, which is expected to grow from 3.4 GW in 2021 to 8.4 GW in 2026.
source www.ebrd.com/news
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