Spear WTE Investments Sarl, a subsidiary of the Australian Macquarie Infrastructure and Real Assets Group (MIRA), was announced on Friday as the winner of the tender for the purchase of 49% Hellenic Electricity Distribution Network Operator (HEDNO) for 2.116 billion euros.
The Public Power Corporation said in a statement that the offer values the company at 151% of its adjusted asset base, while PPC is expected to make the final decision.
PPC sources said it was the largest privatization in Greek history and noted that PPC will be able to significantly reduce its borrowing (debt / net income ratio will fall below 3), and will also finance its investment program on renewable energy sources.
At the same time, HEDNO, with the support and know-how of an international partner and managed by PPC, will develop an expanded program for the modernization and digitalization of its network, offering better services.
PPC said Macquarie’s proposal included a debt payment of € 804 million. “After paying off the debt, 1.3 billion euros out of 2.1 will go to the budget of the Greek state,” reports Alpha TV.
PS The sale of the national transmission line system will reduce government revenues by 360 million euros per year and make the country even more dependent on external creditors. The long-term operation, the aim of which was to bankrupt and sell inexpensively a strategic asset of Greece, has been “successfully” completed.
Greece is a wealthy country, and it absolutely does not need any income other than taxes from companies and citizens. Therefore, privatization will continue, and the money will also go to pay off previously received loans.
This is such a cycle of debts in the economy, after which, as a result, people will sooner or later be left with nothing …