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Nov 2021

Bernitsas Law advises on Public Power Corporation’s €1.35bn capital raising

Bernitsas Law acted as Greek law counsel to Goldman Sachs, Citi, National Bank of Greece, Alpha Bank, Eurobank, Piraeus Bank, Optima Bank and Euroxx Securities in connection with (i) Public Power Corporation’s €1.35bn capital raising pursuant to a non-preemptive share capital increase and an offering of new shares to qualified and other eligible investors outside of Greece through a bookbuilding process and to retail and qualified investors in Greece through a public offering, and (ii) the listing of the new PPC shares on the Athens Exchange.

PPC is a leading power generation and supply company in Greece engaged in the generation, distribution and sale of electricity to consumers. According to Georgios Stassis, PPC’s Chairman of the Board of Directors and Chief Executive Officer, ‘the successful conclusion of the combined offering within the framework of the Share Capital Increase of PPC, both in Greece and abroad, with multiple oversubscription, is a solid proof of the confidence shown by the investor community on PPC’s outlook and the Greek economy overall. This is a milestone transaction for PPC since it will enable the acceleration of its transformation plan and its investments in Renewables targeting to a significant upscale of its operating profitability.’

The transaction successfully closed on 15 November 2021 and trading of the new PPC shares on the Athens Exchanged started on 16 November 2021.

Partner Nikos Papachristopoulos led the multi-member Bernitsas Law team, along with Senior Associate Sofia Kontou.