“The agreement we have signed creates value for both parties and consolidates our group's presence in Southeastern Europe. The gradual addition of new projects to PPC's RES portfolio, in new countries, in accordance with our strategy, allows us to leverage on our overall planning for the creation of energy corridors in the wider region. Metlen Energy & Metals' track record in complex RES projects and previous successful partnerships serve as a guarantee for the smooth and timely implementation of the agreement.”
Chapter 1 Setting the Scene
For more than 70 years, PPC has been at the forefront of Greece’s power industry, playing a key role in electrifying the nation. It is the leading Southeast European electric utility, with activities in electricity generation, distribution and sale of advanced energy products and services in Greece, Romania and North Macedonia. PPC has a total installed capacity of 10.7GW, consisting of thermal, hydro and Renewable Energy Solutions (RES) installations with a total annual generation amounting to more than 20 TWh, while in networks, its total Regulated Asset Base amounts to approximately €4.3 bn.
Green energy is a key pillar in PPC’s transformation strategy including a phase-out of lignite plants and an emphasis on RES. It is now the largest clean energy company in Southeast Europe (SEE) with 4.7 GW production capacity from renewables and projects of 2.8 GW under construction or ready to build stage with a project pipeline of 20 GW.
Metlen is an industrial and energy multinational company, listed on the Athens Stock Exchange, with a consolidated turnover and EBITDA of €5.5 bn and €1.0 bn respectively.
Chapter 2 How we helped
PwC Greece secured the acquisition mandate in March 2024 based on past credentials and an excellent ongoing relationship with PPC. PwC Italy Corporate Finance and PwC Croatia Corporate Finance were also instrumental through the provision of their renewable energy expertise in the respective regions.
PwC’s role in the transaction was critical in the valuation of the PV assets in all four geographies and commercial negotiation of the contractual documentation, incorporating innovative value protection mechanisms for PPC.
“A truly landmark and sizeable trade for both PPC S.A. and Metlen Energy & Metals and a strong testament of our ability to offer seamless M&A services across geographies to our clients.”
Chapter 3 Making a Difference
The deal allows PPC to penetrate swiftly, with minimal risk and critical mass, three new appealing RES markets, also signaling the Group's expansion beyond the Balkans and into a G7 country.
The collaboration with Metlen Energy & Metals marks another big step towards PPC's strategic vision of becoming a clean utility and key infrastructure player, leading the energy transition increasingly at a pan-European level, and leveraging opportunities to create value among the countries through the energy corridor being developed.
