The total investment demand attracted by GEK TERNA over the past four months has reached €5.3 billion. The group achieved this result through two successive financing transactions that have strengthened its presence in international capital markets, creating additional capacity to fund new investments in the infrastructure sector.
GEK TERNA: International investors account for 95% of demand
The first transaction involved a capital increase of €659 million, completed in July, which attracted bids of approximately €3 billion. Notably, more than 95% of that demand came from international investors, reflecting the strong interest of foreign capital in the Greek group.
This was followed by a bond issuance worth €500 million, for which bids totalling €2.3 billion were submitted — representing an oversubscription rate of 4.6 times.
Both transactions carry particular significance, as they target different categories of investors from the equity and bond markets respectively, and were completed during a period of heightened geopolitical uncertainty and volatility in global markets. In total, GEK TERNA raised €1.159 billion through the two transactions, with demand substantially exceeding the available amounts.
GEK TERNA: €2.2B liquidity and limited near-term debt maturities
The strengthening of the group’s capital base is accompanied by a robust financial position. GEK TERNA’s available liquidity, factoring in the capital increase, stands at approximately €2.2 billion, while the recent €500 million bond issuance further bolsters its financial resources.
At the same time, the group faces no significant near-term debt maturities at the parent company level, with the next major obligation — amounting to €300 million — not due until December 2028.
This financial structure provides greater flexibility in managing funding needs and reduces refinancing pressures in an environment of elevated interest rates and ongoing uncertainty.
An additional milestone is the group’s achievement of investment-grade ratings from both S&P and Moody’s — a development that broadens access to a wider institutional investor base and enhances GEK TERNA’s credibility in international markets.
New infrastructure investments take center stage
GEK TERNA’s strengthened financial position creates additional capacity to execute its existing investment program while also pursuing new infrastructure projects.
A key competitive advantage is the group’s extensive portfolio of long-term concessions, which provides predictability in future cash flows and operational profitability.
With strong liquidity, access to international capital markets, and limited short-term financial obligations, the group is well-positioned to finance new investment plans and compete for large-scale infrastructure contracts.
