Macquarie named preferred bidder for stake in Greek power grid operator

·

Public Power Corp (PPC), Greece’s biggest power utility, on Thursday formally named Australian infrastructure giant, Macquarie, as the preferred bidder for a minority stake in its fully-owned power grid operator, Hellenic Electricity Distribution Network Operator (HEDNO).

PPC shareholders will take a final decision on the bid at a meeting scheduled for October 19, PPC said.

PPC earlier this month said the offer by Spear WTE Investments Sarl, a member of the Macquarie Infrastructure and Real Assets Group, valued the 49% stake at 2.1 billion euros, including debt of 804 million euros, making it the highest among four groups which issued binding bids.

READ MORE: Australian company declared highest bidder for stake in Greece’s national grid operator.

PPC sources said it was the biggest privatisation in Greek history and noted that PPC will be able to significantly reduce its borrowing while it will also fund its investment program in renewable energy sources.

At the same time, HEDNO, with the support and know-how over an international partner and under PPC’s management, will develop an expanded modernisation and digitalisation program of its network, offering better and more quality services.

HEDNO operates a 242,000-km long grid, which brings electricity to about 7 million households and businesses across Greece.

Source: Ekathimerini.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Historic link between Battle of Crete and ANZACs a focus of Sydney commemorations

The historic link between the Battle of Crete and the ANZAC forces were a key focus of commemorations in Sydney.

Multicultural media’s vital role in public interest journalism a key message at Sydney event

Multicultural media's vital role in public interest journalism was a key message at a Sydney event by IMMA.

‘Into the Moonlit Village’ echoes of Battle of Crete and Minoan myth

The story behind ‘Into the Moonlit Village’ is as captivating as the work itself. We found out more to mark the Battle of Crete.

Generations of Pontians remember their roots at genocide commemoration in Melbourne

Melbourne's Pontian community commemorated the Greek Genocide on Sunday, May 19, as part of a series of events. Read more here.

Australian Hellenic Medical Charity raises $30,000 for Nicosia hospital

The Australian Hellenic Medical Charity raised $30,000 for the Paediatric Clinic at Makarios III Hospital in Nicosia, Cyprus.

You May Also Like

‘It’s a piece of our history’: Why three proud Kytherians bid on the Centenary Medallion

The Greek Herald asks what made three proud Kytherians bid on the Kytherian Association of Australia's Centenary Medallion.

Maria Sakkari charges into the French Open second round

Maria Sakkari booked a spot in the second round of Roland Garros for the fifth consecutive year after a straight-sets win over Clara Burel.

Defence minister appeals to NATO for help to prevent migration influx in Aegean

Greek Defence Minister Nikos Panagiotopoulos called for the strengthening of NATO ‘s presence in the Aegean Sea in order to halt the migration influx from Turkey.