The agreement has a total enterprise value of approximately EUR700 million, with the overall valuation being in line with precedent transactions on the market, and the total consideration being subject to customary adjustments.
The acquisition further strengthens PPC Group’s growth strategy in Romania and Southeast Europe, with the addition of a significant renewables operating portfolio, including 600 MW onshore wind, 22 MW hydro, 6 MW BESS, 1 MW solar PV installed capacity, and about 145 MW pipeline assets. Upon completion of the agreement, PPC’s RES portfolio in operation in Romania will double and total RES of PPC Group in operation will reach 5.3 GW.
The closing of the acquisition is expected to occur by the fourth quarter of 2024 and will be subject to certain conditions precedent customary for this kind of transaction, including, among others, clearance from the relevant antitrust authorities.
Citigroup Global Markets Europe AG and Euroxx Securities SA acted as financial advisors.
Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, advised PPC Group in its agreement with Evryo Group. The multidisciplinary legal team advising on this landmark deal was coordinated by Partner Nadia Badea and Counsel Loredana Ralea.
Clifford Chance Badea advised PPC Group throughout the entire transaction, providing support on aspects of due diligence, renewable energy-related regulatory aspects as well as advisory for the elaboration and negotiation of the final documentation.