ATHENS – Global law firm Reed Smith today announced that it has advised PPC Renewables S.M.S.A., the renewables arm of Public Power Corporation S.A., one of the leading power utilities in Southeast Europe, on its successful acquisition of a portfolio of wind assets totalling approximately 164 MW from Intrakat S.A.
Wind Turbine Farm

In addition, the firm advised on the parties’ strategic cooperation for the joint development of a 1.6 GW renewable energy projects portfolio.

PPC Renewables, a wholly owned subsidiary of Public Power Corporation, one of the leading power utilities in Southeast Europe, has been a pioneer in wind and solar power sectors since the 80s. It currently operates a fleet of renewable power plants in excess of 700 MW, while it has a projects portfolio of 1 GW under construction. The company aims to create an expanded and diversified portfolio of renewable and energy storage projects totalling 5 GW within the next five years.

Intrakat Group is a leading player in the Greek construction sector, engaged in the development of large-scale infrastructure projects, the construction of commercial and industrial facilities, as well as the manufacturing of steel structures. The group is also actively involved in a wide range of other business activities such as telecoms, renewables, environmental management and the development of real estate projects.

The agreement concluded between the parties relates to the acquisition from PPC Renewables of three entities of Intrakat, which are owning either directly or indirectly, via SPVs, a portfolio of operating, under construction and ready-to-build wind power projects with an aggregate capacity of approximately 164 MW, and the participation of PPC Renewables in four entities of Intrakat, which are owning either directly or indirectly, via SPVs, a portfolio of wind and solar photovoltaic power projects under development, with an aggregate capacity of approximately 1.6 GW. The strategic cooperation between the parties may be further expanded under certain conditions to include a sizeable portfolio of battery energy storage projects.

The transaction corresponds to an enterprise value of €100 million for the percentage participation of PPC Renewables, while the value of the joint investment, in its potential full development, is estimated to exceed €1 billion.

The Reed Smith team that advised on the deal was led by Athens corporate partner Dimitris Assimakis, supported by counsel Minas Kitsilis and associates Georgia Koui and Eleni Alexiou. Senior associate George Fountas and associate Zissis Papazissis advised on certain finance law aspects of the transaction, and Brussels partner Christian Filippitsch advised on the competition law aspects of the transaction.

Assimakis, corporate partner and head of Reed Smith’s Greek energy team, commented: “We are thrilled to have supported PPC Group on this mega deal for the Greek renewable market, and assisting the group once again in getting closer to the achievement of its strategic goal to become the green energy champion in Greece and the wider region. Indeed, a fascinating journey that highlights the new identity of the group and makes evident that this is not going to be just a short trip.”

“The transaction, despite the great volume of the corporate vehicles and the assets involved and the complexity of its structure, was completed in only two months’ time, an unprecedented record and not only for the Greek market, thanks to the very high professionalism, strong commitment, and dedication of all the parties involved. A special mention to PPC Renewables management and its execution teams for their unparalleled skilfulness and business orientated approach but most importantly, a big thanks to all of them for the continuous trust in our practice.”