The Public Electricity Company (PPC) reached an agreement with Macquarie Asset Management for the sale of 49% of its stake in the Hellenic Electricity Distribution Network Operator (HEDNO).
HEDNO is responsible for the operation, maintenance and development of the national electricity distribution network in Greece. The company serves more than 7.6 million customers in mainland Greece and its islands, through a network of 242,000 kilometers of electricity distribution lines, interconnections and substations.
Macquarie Asset Management’s investment will be made on behalf of institutional investors, including pension funds and insurance companies. Macquarie Asset Management will partner in the long-term ownership and development of the business with PPC, which will retain the remaining 51% of its stake.
George Stassis, President and CEO of PPC, said: “The electricity distribution network is a valuable asset of PPC and its modernization is our strategic priority. HEDNO’s investment plan is of utmost importance for our Group, Greek consumers, the security of supply and the environment. With the strong support of such an experienced and international partner as Macquarie, we will jointly develop an extensive digitization and automation program of our national network that will facilitate the growing electrification of the economy and offer quality and reliable services to all citizens. At the same time, PPC will proceed strengthened in the implementation of its investment plan for the acceleration of the development of renewable energy sources and at the same time in the financing of an ambitious expansion plan in neighboring countries in the coming years “.
Martin Bradley, Senior Managing Director of Macquarie Asset Management, said: “The transition to clean zero emissions is reshaping the way electricity is generated, transported and used throughout the Greek economy. Significant investments are needed in electricity distribution infrastructure to facilitate this rapid change and to ensure that households and businesses across the country will continue to have access to safe, reliable, affordable and sustainable electricity in the coming years. We welcome the opportunity to make this important investment in Greece and to cooperate with PPC for the modernization of the country’s electricity networks “.
HEDNO is the only electricity distribution company in the country with attractive growth prospects through an accelerated investment plan for the modernization and digitization of its network. The investment plan will also offer greater value to its customers and will support Greece’s energy transition to net zero emissions.
As the world’s largest infrastructure manager, Macquarie Asset Management supports power distribution networks in Australia, Austria, Finland, Romania, Spain and the United States to invest in preparing for low-cost transmission networks. coal.
The completion of the transaction will take place after the fulfillment of the usual completion conditions expected by the first quarter of 2022.