Greek PPC gets 5.4GW portfolio of green projects along with Enel's assets in Romania

Greek group PPC gets, as part of the Romanian assets purchased from Enel, a portfolio of green energy generation projects with a total planned capacity of 5.4GW - ten times the actual portfolio of existing projects, according to Economica.net.

The deal was confirmed as sealed and scheduled for completion in Q3 pending necessary approvals.

The implied question is how many of these projects will still be developed (Economica.net estimates Enel would have developed at least half of them) and whether some will be put up for sale. The pipeline includes 7 wind farms with a combined capacity of 2,300 MW and 11 photovoltaic parks with a total of 3,100 MW.

PPC's statement issued following the deal implies this was a key element for the agreement, but Ziarul Financiarhighlights the Greek company's lower financial power than Enel's.

"Greece [...] will benefit from exploring opportunities in less congested renewable energy markets," PPC said in the press release.

However, Romania is losing one of the biggest global energy players at a time when investments are needed more than ever, Ziarul Financiar remarks more or less on the same topic.

PPC reported EUR 5.7 bln in revenues in 2021 and losses that deepened in 2022.

PPC is a vertically integrated energy business with an energy production portfolio of around 10.4 GW, half of Greece's total installed capacity. But only part of it is in renewables – about a third, 3.4GW, including large hydro capacities.

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