Australia's Macquarie named preferred bidder for Greece's power grid operator

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Public Power Corporation (PPC), Greece’s biggest power utility, on Thursday formally named Australian infrastructure giant Macquarie as the preferred bidder for a minority stake in its fully owned power grid operator, Hellenic Electricity Distribution Network Operator (DEDDIE).

PPC shareholders will take a final decision on the bid at a meeting scheduled for October 19, PPC said.

PPC earlier this month said the offer by Spear WTE Investments Sarl, a member of the Macquarie Infrastructure and Real Assets Group, valued the 49% stake at 2.1 billion euros, including debt of €804 million, making it the highest among four groups which issued binding bids.

PPC, which is 51% owned by the state, has said it will use the sale proceeds to reduce debt and boost its footprint in renewables.

DEDDIE operates a 242,000-kilometer grid, which brings electricity to about 7 million households and businesses across Greece.

PPC expects a new investor to help to upgrade the grid, which mainly consists of overhead cables susceptible to failing in adverse weather.