BSTDB Supports Investment Program of Greek Public Power Corporation
Press Release | 24-Jun-2019
The Black Sea Trade and Development Bank (BSTDB) provided a EUR 160 million loan to the Public Power Corporation (PPC S.A.) to support the company’s capital expenditure plan. Guaranteed by the Hellenic Republic, this loan represents the largest BSTDB financing to date.
The proceeds of the loan will be used to finance PPC’s capital expenditures for the upgrade, modernization and expansion of the distribution network, which serves approximately seven million customers all over Greece.
Signing the agreement, BSTDB President Dmitry Pankin said: “Our support to PPC, a core electric power provider and employer, reaffirms BSTDB’s strong commitment to supporting economic recovery and sustainable growth in Greece. Electricity network infrastructure is essential for the economy and for the everyday people’s life. We are pleased that our funding will help PPC to develop and improve its operations and network across the country.”
PPC’s Chairman & CEO Emanouil Panagiotakis said: “Capital expenditures in the distribution network which are of critical importance since they will cover the rising demand due to the economic growth result in stable attractive returns for PPC Group. The €160 million new loan is firstly part of the financing of the above strategic CAPEX and secondly represents the commencement of the cooperation between PPC Group and BSTDB which we expect to expand in other areas as well.”
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PPC S.A was founded in 1950 and is headquartered in Athens, Greece. PPC S.A. currently holds assets in lignite mines, power generation facilities (conventional thermal and hydroelectric power plants) and distribution as well as RES units, accounting for approximately 55% of the total installed capacity in Greece. The company is the largest power generator, distribution monopolist and the biggest power supply provider in Greece, as well as one of the largest industrial groups by revenues and assets in the country with approximately 15.500 employees.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
