Macquarie named preferred bidder for 49% in Hellenic Electricity Distribution Network Operator

Macquarie Infrastructure and Real Assets Group (MIRA) has been declared as the highest bidder in a tender to buy 49% of Hellenic Electricity Distribution Network Operator (HEDNO) offering EUR2.12 billion (US$2.5 billion), including debt of EUR804 million (US$942.3 million), making it the highest among four groups which issued binding bids.

Greece’s biggest power utility Public Power Corp (PPC) formally named Macquarie as the preferred bidder. PPC shareholders will take a final decision on the bid at a meeting scheduled for October 19, 2021.

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

HEDNO operates a 242,000 km long 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 failure in adverse weather.