With record bids that exceeded €18 billion, the Public Power Corporation successfully completed its share capital increase, raising €4.25 billion and confirming its spectacular repositioning on the European energy map.The order book was filled within minutes of opening, and by the close of the process, oversubscription stood at 4.5 times the initial offering amount. Excluding the participation of the Greek government and CVC, oversubscription approaches 10 times, a figure that reflects the strong international interest in the group’s transformation.
The offering price was set at €18.63 per share, practically at par with the closing price prior to the announcement of the rights offering.
The quality of the investors participating in the offering is particularly noteworthy. PPC’s new shareholder base now includes some of the world’s largest investment funds, such as CVC, BlackRock, Capital, Covalis, the Qatar Investment Authority through Al-Rayyan Holding, K Group, Vanguard, Pictet, Wellington, Adage, DWS, and Norges.
Following the listing of the new shares, PPC’s market capitalization is expected to approach €11.5 billion, placing it in fourth position on Euronext Athens.
At the same time, management plans to further expand the shareholder base by selling €250 million worth of treasury shares to qualified and institutional investors through a private placement following the completion of the rights offering. This will raise a total of €4.5 billion.
The focus is now on the new €24 billion investment program for the 2026–2030 period, which aims to transform PPC from a regional energy player into one of the largest energy groups in Southeast Europe.
The business plan calls for accelerated investment in renewable energy, storage, and flexible generation in Greece and Romania, as well as dynamic expansion into new markets in Central and Southeastern Europe, such as Poland, Hungary, and Slovakia. The goal is to double installed capacity to 24.3 GW by 2030 from 12.4 GW in 2025.
In Greece, 5 GW of new capacity is projected, alongside the completion of the phase-out of lignite, while in Romania, installed capacity is expected to triple to 5.3 GW.
Of particular importance is PPC’s strategic entry into the data center and artificial intelligence sectors. The new plan includes the development of a 300 MW Mega Data Center in the former lignite mining areas of Western Macedonia, with the company already in confidential negotiations with major hyperscalers. The project could be expanded up to 1 GW, evolving into one of the largest energy and technology projects in Europe.
Management estimates that the Group’s EBITDA will increase to €4.6 billion by 2030 from approximately €2 billion in 2025, while net profits will more than triple, reaching €1.5 billion.