The intention to raise funds through increasing its share capital by approximately €4 billion through a book-building process to determine the offer price of the issued shares, DEC announces.
The aim is to finance the new PPC Group Strategic Plan 2030.
The New Shares are proposed to be offered by way of a public offering in Greece and a private placement to institutional investors outside Greece. The Share Capital Increase is proposed to be a fully marketed offering, however, a priority allocation mechanism is envisaged for the allocation of the New Shares to the existing shareholders of the Company who will participate in the Combined Offering.
In particular, the priority allocation in the Public Offer is proposed not to exceed the percentage of existing shareholders’ shareholding in the Company’s share capital (based on the electronic records of ELCA S.A.) as at the record date to be determined by the Board of Directors, so that, subject to certain conditions, such shareholders will retain at least the same percentage of shareholding in the Company after the Share Capital Increase. The Company, at its sole discretion, may apply a similar priority allocation mechanism to the New Shares to be allocated in the International Offering, taking into account, among other criteria, investment behaviour, trading activity and commitment to the Company, the investment horizon and the early expression of interest in the Share Capital Increase.
Sketch for the Share Capital Increase
The Share Capital Increase will contribute to the financing of the Company’s Strategic Plan, with the objective of: (i) accelerate investment in its main geographic markets; (ii) develop its international presence; (iii) invest in additional areas that the Company considers strategic or complementary to its core business; and (iv) maintain flexibility for further growth opportunities in the energy and technology sectors. The Equity Increase will also enhance the Company’s strategic and operational flexibility through a more efficient and sustainable capital structure.
In the fast growing region of Central and Southeastern Europe, PPC has identified important factors that create investment opportunities in the region. These include:
- energy scarcity, which can lead to higher capital returns,
- the decommissioning of a significant number of thermal plants, which creates a huge opportunity to develop alternative forms of generation on a large scale,
- the region’s lack of interconnections with the rest of Europe, which will continue to keep wholesale prices higher,
- Ukraine’s contribution to the region’s energy scarcity, having transformed from an energy exporting country into an energy importing country,
- the demand for electricity in the region which is projected to increase significantly in the next decade due to higher GDP growth compared to Western Europe, onshoring policies, increasing electrification, the creation of new Data Centers, as well as investments funded by the European Union.
- In Greece, PPC aims to add 5 GW by 2030, with total installed capacity increasing to 13.3 GW, despite full de-lignification, which will be completed in 2026, and the closure of 40% of oil-fired power generation on the Greek islands.
- In Romania, PPC Group aims to triple installed capacity between 2025 and 2030 to reach 5.3 GW through investments in renewable energy, storage, new gas plants and peakers.
- In the other countries where PPC Group has recently acquired a presence, namely Italy, Bulgaria and Croatia, PPC Group aims to significantly increase its investment plan, mainly through the construction of RES and storage plants, as well as gas plants, with the aim of reaching 3.5 GW of installed capacity by 2030.
- In the wider KNAE region, the Strategic Plan aims to enter new countries, namely Hungary, Poland and Slovakia, through both organic growth and acquisitions, with a target of 2.2 GW of installed capacity in RES and storage by 2030.
- EBITDA to €4.6 billion in 2030 from €2.0 billion in 2025,
- Net profit more than tripling to €1.5 billion in 2030 from €0.45 billion in 2025, and
- Dividend per share reaching €1.4 by 2030 from €0.4 in 2024, with a compound annual growth rate (CAGR) of around 24%.
In order to take advantage of these opportunities, PPC Group is accelerating its growth in the region by investing in energy systems of KNAE and in infrastructure for Data Centers. PPC Group intends to double installed capacity to 24.3 GW in 2030, from 12.4 GW in 2025, significantly increasing new additions per year from 1.4 GW to 2.4 GW, investing in renewable energy systems (“RES”), flexible generation and storage.
Specifically:
By 2030, the PPC Group’s target is for 45% of installed capacity to be outside Greece, while the energy mix will include all modern forms of electricity generation (solar, wind, hydro, gas, storage), diversifying the Company’s portfolio both geographically and technologically.
The Strategic Plan includes the development of a 300 MW Data Center at the former Kozani lignite site in Northern Greece, as the Company is in confidential ongoing negotiations with leading hyperscale providers, with construction expected to start in 2026 and related capital expenditure by PPC amounting to €1.2 billion.
The key financial targets of the Strategic Plan are:
According to the Strategic Plan, the PPC Group’s capital expenditure between 2026 and 2030 is projected to reach €24.2 billion, of which 95% is allocated to development projects and 48% outside Greece, thus ensuring risk diversification. In terms of financing, 54% of capital expenditure is expected to be financed through operating cash flow, 31% through net debt increase, while Equity Capital Increase is expected to finance 15% of capital expenditure. The Equity Increase also aims to ensure that the Net Debt/EBITDA ratio remains significantly below the 3.5x threshold, in compliance with the Group’s financial covenants under its existing debt.
Call for an Extraordinary General Meeting and indicative timetable
The Board of Directors of PPC S.A. today decided to convene an Extraordinary General Meeting to decide on the proposal of the Board of Directors to authorize the Extraordinary General Meeting pursuant to Article 24 of Law 4548/2018 and the Company’s Articles of Association to decide, with regard to the Share Capital Increase, the cancellation of the pre-emptive rights of existing shareholders pursuant to Article 27, paragraph 1 of Law 4548/2018, the manner of distribution of the New Shares and their listing on the Euronext Athens Stock Exchange.
An Extraordinary General Meeting has been convened to be held on 14 May 2026. Subject to shareholder approval in relation to the Share Capital Increase, the Share Capital Increase is expected to commence and be completed in late May.
Citigroup Global Markets Europe AG and Goldman Sachs Bank Europe SE are acting as International Coordinators and Lead Managers of the Offer Book exclusively in relation to the International Offering.
Chairman and Chief Executive Officer of PPC Group, Mr. Georgios Stassis, said:
“PPC Group is entering its next major growth chapter and moving up a category, taking advantage of the opportunities in Central and Southeastern Europe. We clearly see the need in the region for more, cleaner and flexible power generation and we are determined to meet that need. We are building on the sound financial foundations we have established in recent years and our expansion outside of Greece to date.
In parallel, we are actively developing a 300 MW Data Center in the former Kozani lignite area of Greece, which will leverage local energy production and create new economic value for the region. The Equity Increase will ensure that the Net Debt/EBITDA ratio remains significantly below the 3.5x PPC Group threshold and will also provide the opportunity to exploit attractive opportunities. With a prudent and at the same time visionary strategy, we are choosing to invest today to fill the emerging gap and make a decisive contribution to the energy security and growth of Central and South Eastern Europe.”
