The agreement for the purchase of a portfolio of renewable energy sources (RES) with a total capacity of 112MW by Volterra, was announced by PPC.
In particular, based on the agreement between PPC and AVAX, Volterra parent company, PPC Renewables will acquire wind farms with a total capacity of 69.7MW in Etoloakarnania and Boeotia, a 2.7 MW photovoltaic park in Boeotia, as well as wind farms 39.5MW, the construction of which is to start immediately.
Specifically, PPC Renewables acquires 55% of the shares of Volterra KR SA and Volterra LYKOVOUNI SA, in which it is already a shareholder with 45% in each from 2019.
Acquires 100% of Iliophania SA, as well as the companies Volterra DOUKAS SA and Volterra KOUKOULI SA.
As noted, the transaction corresponds to an Enterprise Value of 133 million euros.
Commenting on the agreement, the CEO of PPC Renewables, Konstantinos Mavrosstressed that “PPC is committed to leading the energy transition in the country, through the green transformation of the group. The continuous expansion of our portfolio leads to the achievement of our ambitious goals. Today ‘s agreement marks another milestone.”
For Volterra, the CEO of the company Panos Nikou spoke of “a win-win agreement”, which “is part of our strategy. Volterra, one of the oldest companies in the energy sector, continues to develop RES and energy storage projects as well as wholesale and retail “Electricity and gas market. We are moving with coordinated movements towards the future”.
The announcement in detail:
AVAX and PPC announce that the 100% subsidiary of AVAX, Volterra, has entered into a binding agreement for the sale of its participation in a portfolio of renewable energy sources (RES) with a total capacity of 112MW, to PPC Renewables.
Specifically, PPC Renewables acquires 55% of the shares of Volterra KR SA and Volterra LYKOVOUNI SA, in which it is already a shareholder in each company by 45% from 2019. Volterra KR SA and Volterra LYKOVOUNI SA hold in operation wind farms with a total capacity of 69.7MW in Etoloakarnania and Boeotia.
PPC Renewables also acquires 100% of Iliophania SA, which owns a 2.7 MW photovoltaic park in Boeotia, as well as the companies Volterra DOUKAS SA and Volterra KOUKOULI SA, which own wind farms with a total capacity of 39, 5MW, the construction of which is to start immediately.
The transaction corresponds to an Enterprise Value of € 133 million. The completion of the transaction is subject to certain usual approvals, which are expected to be obtained in the near future.
The CEO of Volterra, sir Panos Nikoustated:
“It is a win-win agreement and an implementation of part of our strategy. Volterra, one of the oldest companies in the energy sector, continues its activity in the development of RES and energy storage projects as well as in the wholesale and retail market of electricity and gas. “We are moving with coordinated movements towards the future.”
The CEO of PPC Renewables, Mr. Konstantinos Mavrosstated:
“PPC is committed to leading the energy transition in the country, through the green transformation of the group. The continuous expansion of our portfolio leads to the achievement of our ambitious goals. Today ‘s agreement marks another milestone.”
Eurobank, through Investment Banking & Principal Capital Strategies, served as financial advisor, and Lambadarios Law Firm, Volterra’s legal advisor for the transaction.
PricewaterhouseCoopers Business Solutions SA (PwC) served as a financial advisor and reporting provider on the reasonableness and fairness of the transaction price, and the law firm Karatzas & Partners was a legal advisor to PPC Renewables for the transaction.
Source: Capital
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