Greece-based construction company AVAX and PPC SA, an electric power company in Greece, announced that AVAX’s 100% subsidiary Volterra entered into a binding agreement to sell its portfolio of renewable energy sources (RES) with a total capacity of 112 MW to PPC Renewables. The transaction corresponds to an enterprise value of €133 (~$138.6 million).

PPC Renewables acquired 55% of the shares of Volterra K-R and Volterra Lykovouni, in which PPC Renewables had a 45% stake since 2019. Volterra K-R and Volterra Lykovouni own 67.7 MW wind projects in Etoloakarnania and Viotia in central Greece.

PPC Renewables also acquires 100% of Iliophania, which owns a 2.7 MW solar project in Viotia, and Volterra Doukas, Volterra Koukouli, which owns wind projects with a total capacity of 39.5 MW in Kozani and Kastoria in northern Greece, with the construction commencing shortly.

Eurobank served as a financial advisor through its Investment Banking & Principal Capital Strategies division, while Lambadarios Law Firm acted as Volterra’s legal advisor for the transaction. PricewaterhouseCoopers Business Solutions (PwC) served as the financial advisor and issued a fairness opinion report on the transaction, with Karatzas & Partners acting as legal advisor of PPC Renewables on the transaction.

Recently, Repsol Renovables, Spanish energy, and the petrochemical company approved the sale of 25% of its stake in the renewables business to the consortium formed by the French insurance company Credit Agricole Assurances and Switzerland -based Energy Infrastructure Partner (EIP) for €905 million (~$949 million). This transaction values Repsol’s renewable business at €4.4 billion (~$4.6 billion), including debt and minority holdings.

According to Mercom’s Q1 2022 Solar Funding and M&A Report, large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Year-over-year, 15 GW were acquired in Q1 2021.