Greek company Public Power Corporation announced that it will complete the acquisition of Italian group Enel’s assets in Romania in September and become the largest energy company in Southeast Europe.
Following the acquisition, PPC’s customer base will grow by 57% and its distribution assets and operating power generation capacity will rise by 40% and 14%, respectively, according to company chairman and CEO, Georgios Stassis.
Enel’s electricity production in Romania comes from renewable energy sources, which also increases the share of green EBITDA in the total earnings while improving the relevant ESG indicators, the CEO noted.
PPC’s earnings before interest, taxes, depreciation and amortisation (EBITDA) are expected to surpass the 1.1 billion euro target for 2023 and reach close to 1.2 billion euro.
The European Commission approved the acquisition of Enel’s assets in Romania by PPC last week.
