PPC to issue 400-500 million euros bond loan in Q1, 2019

The Public Power Corporation (PPC) plans to issue a bond loan worth 400-500 million euros in the first quarter of 2019, a PPC management source told reporters on Tuesday, following a decision by Standard & Poor’s to upgrade PPC’s credit rating by one notch along with an upgrade of its outlook.

The source said PPC was giving greater importance to safeguarding liquidity than the cost of the bond loan and noted that according to advisors hired in September, international investors are showing increased interest in the issue. The source said that any price hike in electricity bills would not resolve a liquidity problem in the utility as it could have consequences on the collection of bills and underlined that PPC was systematically working with the government to agree on a minimum charge.

The source defended a PPC request to extend a deadline for submission of offers in the sale of lignite units in Megalopoli and Florina, a move aimed to safeguard higher participation and offers in the tender. He said that Halivourgiki was no longer a PPC client and that Larko is expected to follow suit immediately.

Manolis Panagiotakis, PPC’s chairman and CEO, addressing a conference organised by the American-Hellenic Chamber of Commerce, said that renewable energy sources will be the driving force of growth for PPC in the coming years, as PPC plans to transform itself into a green company and reduce carbon emissions by 57 pct by 2022. Panagiotakis said PPC will cooperate with a company in the renewable energy source sector and announced the construction of a large 200 MW photovoltaic project in Ptolemaida. PPC is in talks to build another photovoltaic project, with a power of 150 MW. PPC’s plan envisages investments to build renewable energy sources with a power of 2 GW by 2030, with the aim to become a leader in photovoltaic and geothermal energy and a third player in wind power.

Source ANA-MPA
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