Total of 19 investors show interest in DEDDIE bid, official sources say

A total of 19 potential investors have shown interest in a bid for a 49-percent stake in the Hellenic Electricity Distribution Network Operator S.A. (DEDDIE), official sources said.

The bid was announced by the Public Power Corporation (PPC) this past week, and PPC consultants, sources said, had approached 70 possible investors. Of these, 19 expressed interest in the bid and meetings were set up to provide further information. They include European and international power companies, network operators and international investing companies.

According to the bid details, investors are invited to express interest formally by January 29. After a review for the most attractive offers, the bidders will be invited to make a binding offer by the end of June, according to current plans.

PPC hopes to use the revenue from the sale to repay its debt, totaling 3.9 billion euros by September 30, and to fund investments in renewable energy sources. By 2023, Greece’s largest provider of electricity hopes to shrink its outstanding debt to 3 times its operating profits by 2023. In 2019, it owed 11 times its operating profits.

PPC’s business plan calls for an increase in production to 1.5 GW by 2023, compared to 200 MW in 2019.