Public Power Corp. (PPC) the dominant and state-managed electricity utility in Greece, on Wednesday reportedly drained 600 million euros from the markets, with total offers exceeding two billion euros for a 500-million-euro bond it floated on the day.
Sources said the yield eased to 4.625% from an initial starting interest rate of 4.75%, while it later emerged that the majority of buyers were foreign, long-term investors.
The bond will mature in 2031.
Earlier, the ATHEX-listed power utility, which still holds the “lion’s share” of the retail and wholesale electricity market in the east Mediterranean country amid now stiff competition, said most of the raised capital will be funneled towards ongoing infrastructure, generation, RES, telecoms and digitization projects for the parent company and subsidiaries.
One figure recently “thrown out” by PPC management in unveiling a three-year (2024-26) plan is nine billion euros. The utility, which was once a horizontal and vertical state-owned and managed company, recently cited a goal of doubling installed RES capacity to 68 percent of overall production capacity.
