PPCR announces the successful completion of the process for the selection of a Strategic Partner in the field of electricity production from geothermal resources

PPC Renewables S.A announces that the process for the selection of a Strategic Partner in the field of electricity production from geothermal resources has been concluded successfully.

The Board of Directors of PPCR Renewables S.A. accepted the Improved Financial Offers of HELECTOR S.A. and Terna Energy S.A. – Terna Aioliki Xerovouniou S.A. for the acquisition of 51% of the share capital of the SPV for the development of Geothermal Power Plants.

Taking into account the proposal of the Process Evaluation Committee of PPCR, regarding the evaluation and the final ranking of the Offers submitted, HELECTOR S.A. is declared the Highest Bidder and Terna Energy S.A. – Terna Aioliki Xerovouniou S.A. is declared the Reserved Bidder.

The signature of the transaction documents and the closing of the transaction is subject to a series of approvals and conditions as set forth in the RfP and the transaction documents.