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Chinese firms interested in coal fired plants sale - Report

Power News - Published on Tue, 13 Mar 2018

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Reuters reported that several Chinese firms have expressed interest in acquiring coal-fired plants Greece’s power utility Public Power Corp will divest to comply with an EU court ruling, the company’s chief executive said.

Athens has agreed with its foreign creditors that PPC, which is 51 % state owned, will sell plants equal to about 40 % of its capacity after a European court ruled the utility had abused its dominant position in the coal market.

Asked by reporters whether there were many Chinese investors interested in the plants, PPC’s Chief Executive Officer Mr Manolis Panagiotakis said “quite a few”.

In a market test conducted by the European Commission’s directorate general for competition, fifteen investors have expressed interest in acquiring the plants.

Athens is expected to pass relevant law by April in order for PPC to launch a tender by June.

Mr Panagiotakis said that “We hope there are no obstacles and, indeed, we launch the tender in June.”

PPC has hired PwC and HSBC as consultants on the sale, he added.

The units that will be sold are Meliti I and the yet-to-be-built Meliti II in northern Greece along with another two units in the southern Greek town of Megalopolis.

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Posted By : Rabi Wangkhem on Tue, 13 Mar 2018
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