Greek power companies raise capital, enhancing country’s role as energy hub

Greece’s position as an energy hub for Southeastern Europe and the Eastern Mediterranean is being further strengthened as the country’s national utility and grid operator move ahead with €30 billion worth of combined strategic investments to expand their regional footprint.

In the last two months, Greece’s two state-linked power companies have raised almost €5 billion to carry out major investments through 2030. This month, Greece’s Independent Power Transmission Operator (ADMIE) raised €530 million through an equity offering, which followed a €4 billion share capital increase by Public Power Company (DEI) in May.

With plans for new, high-voltage undersea cables and above-ground transmission corridors, Greece is becoming an energy hub for its neighbors in the Balkans and the Middle East. Those projects, some already operational, are being complemented by the rapid build out of renewable energy sources – Greece’s green transition – that is making the country one of Europe’s leading clean energy producers. Just in the last few years, Greece has emerged as an electricity exporter for the first time in its history.

The two companies are preparing to support that future growth. ADMIE is implementing a more than €5 billion capital investment plan that will extend through the end of the decade and is designed to integrate more renewable energy sources and enhance connectivity. Several flagship projects include connecting the Greek islands with the mainland power grid, Cyprus with Greece, and upgrading Greece’s interconnections with Italy and continental Europe.

Meanwhile, PPC has outlined a massive €24 billion strategic investment program through 2030 that is focused on accelerating renewables generation in Greece and Romania, expanding into new markets across Central and Southeast Europe, and developing large-scale data centers in the region.