Greek PPC completes takeover of Enel's Romanian assets
Greek energy group PPC announced in a press release the completion of the transaction through which it acquired the stakes held by the Enel Group in Romania, namely a significant portfolio of renewable projects (both completed and under development), on top of electricity distribution and supply operations.
The deal has been sealed on March 9.
"Today, we are embarking on a journey of growth and transformation in Romania, with the ambition to become the country's undisputed leading energy company," said Georgios Stassis, president and CEO of PPC, upon completing the deal.
"With the sale of all our activities in Romania, we continue to implement the disposal plan that was announced during the presentation of Enel's 2023-2025 Strategic Plan," said CEO and General Manager of Enel Group Francesco Starace in March.
The Greek group bought all the shares and subsidiaries of Enel SpA in Romania for a total consideration of EUR 1.24 billion, equivalent to an enterprise value of around EUR 1.9 billion on a 100% basis. The transaction includes EUR 300 million in firm value adjustments and EUR 350 million in minority interest.
Enel Romania is a key player in the local energy market. It is the largest player in renewable electricity generation. The renewable energy business consists of eight wind farms with 499 MW capacity and four solar power plants of a combined 36 MW. In the pipeline are seven wind parks (2.3 GW) and 11 photovoltaic units (3.1 GW)
In the electricity and gas supply market, the company has over 3.1 million customers and 81 stores nationwide. It owns the distribution network in 3 regions of the country, including Bucharest, by far the most important area. It distributes energy to approximately 1/3 of Romania with over 133,000 km of grid and has already installed over 1.4 million smart meters in homes and businesses.
(Photo source: the company)