Greek state-owned power utility Public Power Corporation (PPC) has received six expressions of interest (EoIs) for the sale of three coal-fired power plants that it is selling under a post-bailout agreement with its international lenders. The EoIs came namely from: Beijing Guohua and Damco Energy, China Western Power Industrial, Sev.En Energy and Indoverse Coal Investments, Gek Terna, ElvalChalkor and eventually Mytilinaios Group. PPC restarted the process in March 2019 after failing to attract enough satisfactory bids in February. The company expects to close the sale by May 2019.
The sale process has been repeatedly pushed back since the tender was launched in 2018 and the lack of interests from investors threatens the process. PPC estimates that only a further deadline extension could save the sale effort from a failure and the company is working in parallel on alternatives such as new sale-term improvements.
In total, three coal-fired power plants corresponding to 40% of PPC's coal-fired capacity will be available for sale along with a license for the construction of a fourth one. The divestment is part of Greece’s international bailout agreement, after an European Union Court ruled that PPC had abused its dominant position in the domestic coal market.
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