The Mitsotakis government aims to seal a new strategy compared to its previous tenure by proposing a plan for the Hellenic Republic Asset Development Fund (HRADF) to acquire 35% of DEPA Commercial from Helleniq Energy.
During the initial four-year term, the New Democracy administration emphasized privatizations in line with its neoliberal agenda. However, the subsequent phase has pivoted towards statism, with a notable shift towards state control and ownership.
This evolving approach is exemplified in the recent developments surrounding Helleniq Energy, where the Latsis Group, its primary shareholder, reportedly intends to withdraw from the energy sector.
Currently, the Greek magnate holds a 40.41% stake in Helleniq Energy, with the remaining 31.18% owned by HRADF, the Hellenic Republic Asset Development Fund.
According to sources, the Latsis Group is looking to exit the energy sector, contingent upon resolving the issue of Helleniq Energy’s stake in DEPA Commercial. Helleniq Energy holds 35% of DEPA Commercial, while HRADF controls the remaining 65%.
The plan for the privatization involves the Hellenic Corporation of Assets and Participations (HCAP). As reported, DEPA Commercial, following the absorption of HRADF by HCAP and provided that 35% is transferred from Helleniq Energy to the state, will then become the 17th Public Utility of HCAP.
The valuation of this 35% stake in DEPA Commercial stands as a critical question. Reports indicate Helleniq Energy values its share at 200 million euros. Funding for this acquisition could derive from either dividends received by HRADF or from the newly proposed National Investment Fund.
In the latter scenario, as outlined by the Minister of National Economy and Finance, the HCAP would play a pivotal role as a co-investor, facilitating the deployment of funds from the National Investment Fund.
