With one of the largest capital increases ever conducted in the Greek market, the Public Power Corporation (PPC) completed its share offering, raising €4.25 billion and confirming strong confidence from the international investment community toward the Group and its new development plan. The order book covered the required amount within minutes of opening, while at the close of the process total offers exceeded €18 billion, recording oversubscription of approximately 4.5 times relative to the initial target of €4 billion. Excluding committed participations from the Greek State and CVC, worth approximately €2.5 billion, market oversubscription is estimated to have approached 10 times, highlighting the intensity of international investment interest.
The final offering price was set at €18.63 per share, with essentially zero discount relative to the share’s trading price at the time of the capital increase announcement, which is considered a clear indication of strong demand and investor confidence.
Simultaneously, the company’s Board of Directors approved the placement of up to 13.4 million treasury shares through private placement, also at the price of €18.63 per share, to cover the excess demand manifested in the order book. This move is estimated to raise an additional approximately €250 million, bringing the total capital raised close to €4.5 billion.
Investor composition
The composition of the investor base is characterized as particularly high-quality, with participation from international institutional investors, hedge funds, family offices, sovereign funds and private wealth portfolios.
A large portion of demand came from abroad, with participation from leading international investment houses and portfolios such as BlackRock, Capital, Vanguard, Wellington, Pictet, Norges, DWS, Covalis, as well as investment funds from the Middle East. The strong international diversification of the investor base is interpreted as a vote of confidence not only toward PPC but also toward the prospects of the Greek economy and the domestic capital market.
Decisive for the success of the process was the participation of cornerstone investors. The Greek State participated with approximately €1.3 billion, while Aeolus Holdings, a company affiliated with funds advised by CVC, invested approximately €1.2 billion. Additionally, additional demand was recorded from major long-term international investors and sovereign investment funds, which strengthened the overall success of the transaction.
Following the introduction of new shares, PPC’s market capitalization is estimated to approach €11.5 billion, ranking the Group among the strongest listed companies on Euronext Athens. This development reflects the dramatic transformation of the company, considering that in 2019 its market capitalization stood at just €390 million.
New €24 billion energy investment cycle
The successful completion of the share offering marks the beginning of a new development cycle, centered on implementing the 2026-2030 strategic plan, which provides for total investments of €24 billion in Greece and the broader Central and Southeast Europe region.
The main objective is to double the Group’s installed capacity to 24.3 GW by 2030, from 12.4 GW in 2025. The investment plan emphasizes renewable energy sources, storage, flexible generation units and energy interconnections.
In Greece, approximately 5 GW of new capacity is planned, with installed capacity reaching 13.3 GW, alongside completion of the lignite phase-out. In Romania, installed capacity is expected to triple by 2030, reaching 5.3 GW, through investments in renewables, storage and natural gas units.
Meanwhile, the Group is expanding its footprint in Italy, Bulgaria and Croatia, while the new strategic plan includes entry into new markets such as Poland, Hungary and Slovakia, either through organic development or acquisitions.
By 2030, 45% of PPC’s installed capacity is expected to be located outside Greece, signaling the Group’s transformation from a regional energy leader to a broader European energy player.
The new business plan projects EBITDA of €4.6 billion by 2030, from approximately €2 billion in 2025, while net profits are estimated to more than triple, approaching €1.5 billion. Additionally, the company plans significant enhancement of its dividend policy, while the goal is to maintain the leverage ratio below 3.5x.
Data centers and artificial intelligence in the new development model
Beyond energy, PPC is investing dynamically in high value-added technological infrastructure, incorporating large data center development into its strategic plan.
The central project involves creating a 300 MW Mega Data Center in the former lignite regions of Kozani, at the Agios Dimitrios power station, with expansion capability up to 1 GW, provided there are commitments from hyperscalers. This is a European-scale investment that could transform PPC into a significant player in energy infrastructure connected to artificial intelligence, cloud services and increased digital demand.
Energy supply to the data center will be behind-the-meter, without burdening the national energy grid, while the project can be completed within two years of finalizing an agreement with a strategic technology partner.
