- Mergers & Acquisitions – UAE-based Masdar will acquire an initial 67% stake in Greece’s Terna Energy – one of the country’s leading producers of renewable energy – and will follow up with a mandatory offer for the rest. Masdar will pay €20 a share for Terna Energy, valuing the company at €2.4 billion on an equity basis and an enterprise value of €3.2 billion. The acquisition is the latest in a series of business deals in the energy sector, which accounted for roughly a fifth of 116 M&A transactions in Greece last year, according to PwC data.
- Wind Power – Greece’s wind capacity grew at a 3.7% rate in the first half of the year, according to the latest data by the Hellenic Wind Energy Association. Since the start of 2024, 33 new wind turbines, with a total output of 96.9 MW and representing combined investments of more than €110 million, were connected to the power grid, HWEA said. “At the end of June 2024, approximately 970 MW of new wind farms were under construction or contracted, the vast majority of which are expected to be connected to the grid within the next 18 months. As a result, total wind capacity will approach 6.5 GW within the next two years,” the Association said.
- Credit Outlook – German credit ratings agency Scope has upgraded its outlook for Greece to positive from stable, citing the country’s reduced debt burden, the improved resilience of the banking system and ongoing structural reforms. The agency forecasts Greece’s debt-to-GDP ratio at 152% this year and falling to 131% in 2029. Scope was among the first ratings agencies to return Greece to investment grade, assigning the country a BBB- rating last August.
- Greek Banks – Ratings agency Moody’s raised Alpha Bank’s credit rating two notches to Baa3 from Ba1, with a positive outlook, restoring the bank to investment grade after 14 years. The move comes as both Moody’s and S&P proceeded with a series of one and two notch upgrades for each of Greece’s four systemic banks: Alpha, National Bank, Eurobank and Piraeus Bank. The upgrades reflect both the growth prospects of the Greek economy and the improved financial conditions of the banks.
- Export Leader ̶ Greece is a world leader in 21 exports, ranging from dairy products to cement, and from furs to solar water heaters. According to a new study by the Global Greece consultancy, 13 Greek food and beverage exports, six value-added products and two industrial products dominate world markets. In a further six export categories ̶ sea bass, olives, olive oil, peach compote, kiwis and marble – Greece is among the world’s Top 5 exporters.
- Labor Law – Greece has adopted new labor legislation allowing a six-day workweek for selective businesses operating on a 24-hour basis with the goal of boosting productivity. Workers who choose to work the extra day, up to 48 hours a week, will be compensated with an overtime bonus of 40% of their base wages. The new law aims to tackle labor shortages in certain sectors while also addressing undeclared work and tax evasion issues.
- Defense Upgrade − Greece will acquire 20 new, next generation Lockheed Martin F-35 combat aircraft, said Minister of Defense Nikos Dendias in remarks to reporters following testimony in parliament. The new warplanes are part of a multibillion-euro defense modernization program that also includes the acquisition of at least three cutting-edge Belharra-class frigates from France’s Naval Group.