Greece’s largest power utility, PPC, has completed a €4.25 billion share capital increase that attracted demand exceeding €17.8 billion, underscoring strong investor appetite for the company’s energy transition and infrastructure expansion plans.
The transaction, one of the largest equity offerings in the Greek market in recent years, was more than 4.4 times oversubscribed, with investors seeking nearly 954 million shares against the 228.1 million new shares ultimately issued at €18.63 each.
The Greek state emerged as the largest cornerstone investor in the deal, receiving 69.2 million shares, equivalent to roughly 30.3% of the newly issued stock. Aeolus Holdings, an investment vehicle backed by funds advised by CVC Capital Partners, was allocated 64.4 million shares, representing 28.2% of the new shares.
The remainder of the offering was split between domestic retail and institutional investors in Greece and international institutional investors. Around 17.3% of the non-cornerstone shares were allocated through the Greek public offering, while the bulk went to international institutions through the private placement.
The capital increase lifts PPC’s share capital to €1.48 billion, divided into nearly 597.4 million voting shares. Trading of the newly issued shares on Euronext Athens is set to begin on May 26. PPC said net proceeds of approximately €4.12 billion will fund the company’s long-term investment program through 2030, estimated at around €24.2 billion. The spending plan includes renewable energy projects, flexible power generation assets and energy storage across Greece, Romania and southeastern Europe, alongside investments in digital infrastructure.
Among the flagship projects is the first phase of a data center development in Kozani, northern Greece, where PPC plans to build a 300-megawatt facility by the end of 2028. The company also intends to allocate capital toward telecommunications, digitalization and electric mobility initiatives.
Separately, PPC completed the sale of 13.4 million treasury shares in an over-the-counter transaction valued at approximately €250 million, reducing its treasury stock holdings to 1.6% of total shares outstanding following the capital increase.
