Greece’s Largest Power Utility Buys Into Offshore Wind

December 27, 2023, by Adnan Durakovic

The Public Power Corporation S.A. (PPC), the largest electric power company in Greece, has agreed to acquire the developer of a 216 MW wind farm located in the offshore area of Alexandroupolis.

PPC Renewables, the utility’s renewables arm, and the Copelouzos and Samaras Groups have signed an agreement for the acquisition of shares of the company THRAKIKI WIND 1 S.A., which holds the generation license for the offshore wind farm.

The agreement provides that PPC Renewables will become the sole shareholder of THRAKIKI WIND 1 S.A.

The fixed-bottom wind farm currently holds a 216 MW generation license and falls into the provisions of article 174 of L. 4964/2022 for the Pilot implementation of Offshore Wind Farms.

The Hellenic Hydrocarbon and Energy Resources Management Company (HEREMA) has already issued an exploration license pertaining to the maritime area, which extends south of the coastline of the Evros Regional Unit and north-northwest of Samothrace Island and is defined as an area for the development of pilot offshore wind farm projects with a total capacity of 600 MW.

PricewaterhouseCoopers Business Solutions S.A. (PwC) acted as Financial Advisor and Vizas – Katrinakis and Associates Law Firm as Legal Advisor to PPC Renewables in connection with the acquisition. Norton Rose Fulbright acted as Legal Advisor to Copelouzos Group and Samaras Group.