PPC Group is proceeding with a capital raise of €4 billion through a fully marketed offering to finance its new Strategic Plan 2030.

The new Strategic Plan 2030 focuses on leveraging growth opportunities through an investment plan of approximately €24 billion. PPC aims to nearly double its installed capacity to 24.3 GW by 2030, targeting net annual capacity additions of 2.4 GW, mainly through investments in renewable energy sources, flexible generation, and storage. According to the company, the goal is international expansion with significant investments in new high-growth markets in Central and Southeastern Europe. At the same time, implementation of the Kozani Data Center – Phase I begins, targeting 300 MW in operation by the end of 2028.

Within the share capital increase, priority will be given to the participation of existing shareholders. The target remains EBITDA of approximately €4.6 billion by 2030, doubling net profits by 2028 and tripling them by 2030, while the company confirms its commitment to a dividend of €1.20 per share in 2028 and a new commitment to increase it to €1.40 per share by 2030.

Detailed announcement:

Public Power Corporation S.A. (“PPC” or the “Company”, and together with its subsidiaries the “PPC Group”) announces its intention to raise capital through a share capital increase (the “Share Capital Increase”) of approximately €4 billion via a book-building process to determine the offering price of the new shares (the “New Shares”), in order to finance the PPC Group’s new Strategic Plan 2030 (the “Strategic Plan”).

The New Shares are proposed to be offered through a public offering in Greece (the “Public Offering”) and a private placement to institutional investors outside Greece (the “International Offering”, and together with the Public Offering, the “Combined Offering”).

The Share Capital Increase is proposed to be carried out with the exclusion of pre-emption rights (fully marketed offering). However, a priority allocation mechanism is foreseen for existing shareholders who participate in the Combined Offering. Specifically, priority allocation in the Public Offering is proposed not to exceed the participation percentage of existing shareholders in the Company’s share capital (based on ELKAT electronic records) as of the record date to be set by the Board of Directors, so that, under certain conditions, these shareholders may retain at least the same ownership percentage after the Share Capital Increase.

The Company may, at its sole discretion, apply a similar priority allocation mechanism to shares offered in the International Offering, taking into account criteria such as investment behavior, trading activity, commitment to the Company, investment horizon, and early expression of interest.

Rationale for the Share Capital Increase

The Share Capital Increase will help finance the Company’s Strategic Plan with the aim of:
(i) accelerating investments in its core geographic markets,
(ii) expanding its international presence,
(iii) investing in additional sectors considered strategic or complementary, and
(iv) maintaining flexibility for further growth opportunities in energy and technology.

It will also strengthen the Company’s strategic and operational flexibility through a more efficient and sustainable capital structure.

In the rapidly growing region of Central and Southeastern Europe (CSEE), PPC has identified key drivers creating investment opportunities, including:

• energy scarcity leading to higher returns,
• decommissioning of many thermal units, creating opportunities for alternative large-scale generation,
• limited interconnections with the rest of Europe, keeping wholesale prices higher,
• Ukraine’s shift from energy exporter to importer,
• expected strong electricity demand growth due to GDP growth, onshoring, electrification, new data centers, and EU-funded investments.

Investment plan and expansion

To capitalize on these opportunities, PPC is accelerating growth in the region, investing in energy systems and data center infrastructure.

• Target: doubling installed capacity to 24.3 GW by 2030 (from 12.4 GW in 2025)
• Annual additions increase from 1.4 GW to 2.4 GW
• Focus on renewables, flexible generation, and storage

By country:

• Greece: +5 GW by 2030 (total 13.3 GW), despite full lignite phase-out by 2026 and reduction of oil-based generation on islands
• Romania: tripling capacity to 5.3 GW
• Italy, Bulgaria, Croatia: expansion to 3.5 GW
• New markets (Hungary, Poland, Slovakia): target 2.2 GW

By 2030, 45% of installed capacity is expected to be outside Greece, with a diversified energy mix (solar, wind, hydro, gas, storage).

Data Center project

The Strategic Plan includes a 300 MW data center in Kozani (Northern Greece), with construction expected to begin in 2026 and PPC investment estimated at €1.2 billion.

Financial targets

• EBITDA: €4.6 billion by 2030 (from €2.0 billion in 2025)
• Net profit: €1.5 billion by 2030 (from €0.45 billion in 2025)
• Dividend: €1.40/share by 2030 (from €0.40 in 2024), ~24% CAGR

Total capital expenditure (2026–2030): €24.2 billion

• 95% growth investments
• 48% outside Greece

Funding mix:

• 54% operating cash flow
• 31% new debt
• 15% from the share capital increase

The increase also ensures Net Debt/EBITDA remains well below 3.5x, in line with financial covenants.

General Meeting and timeline

An Extraordinary General Meeting has been called for May 14, 2026, to approve the Share Capital Increase and authorize the Board to:

• exclude pre-emption rights,
• determine allocation and offering structure,
• list the new shares on Euronext Athens.

Subject to approval, the capital increase is expected to take place in late May.

Citigroup Global Markets Europe AG and Goldman Sachs Bank Europe SE act as Joint Global Coordinators and Bookrunners for the International Offering.

CEO statement

Chairman and CEO Georgios Stassis stated that PPC is entering a new growth phase, leveraging opportunities in Central and Southeastern Europe, addressing demand for cleaner and more flexible energy, and investing in a 300 MW data center in Kozani. The capital increase will maintain financial stability and enable further growth opportunities.

Greek State participation

The Ministry of National Economy and Finance announced that the Greek State will participate in the capital increase to maintain a 33.4% stake in PPC.

The government emphasized:

• strong support for PPC’s transformation
• the strategic importance of energy security
• the goal of strengthening major Greek companies
• commitment to long-term value creation and economic growth

The decision aligns with a broader strategy to boost investment, competitiveness, and international presence of Greek enterprises.