The DEI of 2026 records one of the greatest upheavals in the history of Greek and European business.
From the period of stock market collapse and economic suffocation under the Syriazas–Tsipras, is now entering the phase of 18 billion euro bids, international funds and the new investment cycle that is changing the landscape in energy and technology infrastructure in the region.
The PPC share capital increase was completed with total bids approaching 18 billion euro, a historic record for the Greek capital market. The company finally raised €4.25 billion, while the offer book was filled within minutes of its opening, confirming that the international investment community not only believes in PPC’s new model, but literally voted for its future with billions of euros.
The oversubscription exceeded 4.5 times, and if the holdings of the State and CVC are removed, the actual oversubscription approached almost 10 times. The offering price closed at €18.63 per share, virtually without discount, which in itself is considered extremely rare for such a large transaction. The most resounding message, however, is not just in the numbers. It is in the names: BLACKROCK, VANGUARD, CAPITAL, WELLINGTON, PICTET, DWS, NORGES, QATAR INVESTMENT AUTHORITY and other of the world’s largest funds have entered or significantly increased their position in PPC.
These are mainly long investors, investors who are not looking for quick trading but are strategically positioned in companies with a long-term outlook. And this is where the political comparison becomes inevitable.
How Tsipras’ bankruptcy became… success story
In 2019 PPC had a market capitalization of just €390 million and was not even in the top 20 of the Athens Stock Exchange. The then SYRIZA government was talking about “public control”, but in practice it was leaving behind a company with huge financial problems, investment paralysis and administrative uncertainty.
They wanted to bankrupt it in order to take it as a “booty” for their party army. Today PPC’s market capitalisation is approaching 11.5 billion euros and the company is climbing to fourth place on Euronext Athens. The difference is chaotic and politically charged.
Many in the market remember that the then opposition of New Democracy accused Alexis Tsipras of leading PPC to financial collapse. Today, the same international investors who shun companies without a solid growth plan are investing billions in the company.
For Syriza’s critics, this is the hardest response to the “sell-off” narrative.Because markets don’t work on slogans, but on balance sheets, profitability and prospects.
The new PPC strategic plan to 2030 calls for €24 billion in energy, storage, networks and digital infrastructure investments. The goal is to double installed capacity to 24.3 GW by the end of the decade, with a huge focus on renewables, energy storage and regional expansion.
The PPP is expanding aggressively into Romania, Italy, Bulgaria, Croatia, and plans to enter Poland, Hungary and Slovakia. But the most ambitious plan involves data centers. PPC is attempting to transform Western Macedonia from a lignite region into a technology and artificial intelligence hub.
The plan includes a 300 MW Mega Data Center at the Agios Dimitrios power plant in Kozani, with the possibility of expansion up to 1 GW, a level considered world-class. The company is already in confidential negotiations with hyperscalers, the big tech giants looking for huge energy infrastructure for AI and cloud applications.
This investment changes the overall image of the company. PPC is no longer seen not just as an electricity provider but as a European powertech group that connects energy, infrastructure, storage and AI. And this is exactly what foreign institutional investors bought into. The big gamble now is execution.
SMK at €18bn
The market believes that the success of the SSM gives the company the “ammunition” to move aggressively into the next phase of growth, without disrupting its financial balance.
Management itself is targeting EBITDA of €4.6bn in 2030 and net profit of €1.5bn, with strong dividend growth forecast. For the market, the success of the AMK serves as a strong signal for Greece’s new position on the European investment map.
PEC is now becoming a vehicle for international capital, energy power and technology investment. The entry of giants such as BLACKROCK, VANGUARD and QATAR INVESTMENT AUTHORITY shows that foreign investors now see PPC as a European energy player with a strong footprint in green transition, artificial intelligence infrastructure and data centers.
The comparison with the SYRIZA administration remains inevitable and politically charged, as the company, then on the brink of obsolescence, now attracts €18 billion of bids and rises to fourth place in the Euronext Athens capitalisation.
