![PPC – Over-subscription of 3 bln€ for share capital increase aimed to drain 1.35 bln€](https://www.ot.gr/wp-content/uploads/2021/10/κολώνες-της-δεη-υψηλης-τασης.jpg)
A closely watched share capital increase by the Public Power Corp. (PPC) was oversubscribed by institutional investors within a few hours on Tuesday, the first day of a book-building process that will conclude on Thursday.
According to market analysts, roughly three billion euros was offered for 1.350 billion euros sought by the ATHEX-listed utility, the dominant power provider and producer in Greece.
The same analysts said PPC will remain at the figure of 1.350 billion euros sought, given the state’s participation in the share capital increase, so that it retains a 34.12-percent stake in the previous power national monopoly.
One of the strategic plans that PPC said will be financed with money drained from the share capital increase is electricity production from solid waste.
According to information gleaned by OT, PPC’s management is readying studies to exploit lignite-fired units that will end operation and older power stations as part of a national action plan for solid waste management – a long-standing environmental debacle for successive Greek governments.
PPC enjoyed an overwhelmingly advantageous position vis-à-vis other competitors in the country, due to the fact that it retains numerous power plans using all types of energy, all of which are already connected to the national grid.
The raw material projected for use for such units will be derived from the sorting and processing of solid waste, namely, secondary RDF and SRF fuels.
The development marks a dramatic reversal of the once-formidable utility, which for decades was billed as Greece’s biggest industrial concern, as it flirted with bankruptcy in 2018-19 under the then leftist SYRIZA government, racking up losses of close to a billion euros.
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