PPC Renewables and Intrakat Group have agreed a joint development deal in Greece that is really two deals. One has a price. The other, covering by far the larger share of the capacity, does not. How the two halves fit together says more about Greek wind than either does alone.
Key takeaways
- PPC Renewables signed an agreement with Intrakat Group on 20 December 2023 to acquire a 49 percent stake in Intrakat's renewable holding companies in Greece, which own about 1.6 GW of projects under development; the value of that stake was not disclosed.
- As part of the same agreement, PPC Renewables acquired 100 percent of a 165 MW Greek wind portfolio from Intrakat at an enterprise value of $109.5 million, or about $0.66 million per MW.
- The 165 MW Intrakat portfolio comprises the operational 15 MW Fragaki wind farm, the 5 MW Kastri wind farm close to operation, and four projects under development: Zigourolivado (42 MW), Timenio (32 MW), Kakodiavato (35 MW) and Karkaros (36 MW).
- Four of the six wind farms PPC acquired from Intrakat, totalling 115 MW, have secured 20-year contracts to sell their output at a reference price awarded through tenders run by Greece's Regulatory Authority for Energy (RAE).
- PPC and Intrakat aim to develop a combined renewables portfolio of up to 2.7 GW in Greece, with a joint investment estimated to exceed about $1.1 billion on full development. The transaction completed on 1 March 2024.
What exactly did PPC buy from Intrakat?
PPC bought two different things, and Leap records them separately. The first is full ownership of six named wind farms totalling 165 MW. The second is a minority position in the holding companies that own the rest of Intrakat's development pipeline, about 1.6 GW today, which the partners aim to extend to roughly 2.5 GW.
The first is an asset purchase. PPC owns the projects outright, controls their construction and takes all of their revenue. The second is a partnership. PPC shares the development risk and the upside with Intrakat, which remains the majority owner. The agreement can also be extended, subject to conditions.
This split is a common way for a large utility to work with a local developer. The utility takes the projects closest to cash flow outright, and buys an option on the earlier stage pipeline without having to value every site individually.
Why does the 165 MW portfolio price at $0.66 million per MW?
The price reflects a portfolio that sits between two stages. Only Fragaki, at 15 MW, was operating at the time of the deal. Kastri was close to operation. The other four, 145 MW in total, were still under development.
What lifts the price above a typical development deal is revenue certainty. A reference price contract in Greece works like a contract for difference: the project is paid a fixed tariff awarded through an RAE tender for 20 years. Kastri, Karkaros and Zigourolivado secured these contracts, and Timenio secured its reference price in a September 2022 RAE tender. That puts 115 MW, about 70 percent of the portfolio, on contracted revenue before it is even built.
A buyer of an early stage wind project pays for the chance that it gets permitted, connected and contracted. A buyer of a contracted project pays for a cash flow that is mostly already defined. The $0.66 million per MW is a blend of the two.
Why was the 49 percent stake left unpriced?
Leap records that the deal value for the holding company stake has not been disclosed. What is disclosed is the scale of ambition. The partners aim to build up to 2.7 GW in total, and estimate the joint investment on full development at more than about $1.1 billion.
That figure is a capital spending plan, not a purchase price, and it should not be read as the value of PPC's stake. It describes what the two companies expect to spend building the portfolio over time. The consideration for the 49 percent itself is a separate number that neither side has published.
Leaving it undisclosed is not unusual for a development partnership. The value of a 1.6 GW pipeline depends on how much of it is eventually permitted and connected, which is precisely what the partnership exists to find out.
Enerdatics records 18 wind transactions in Greece announced between January 2022 and June 2025, and only seven carry a disclosed value. PPC is the buyer in seven of the 18. Its priced Greek deals span a wide range. It paid $33.73 million for the 216 MW Thrakiki Pelagos project in December 2023, about $0.16 million per MW, and $118.09 million for a 1.7 GW development portfolio from the Copelouzos and Samaras Groups in September 2024, about $0.07 million per MW. In the same September 2024 transaction it paid $123.66 million for a 66.6 MW operational portfolio, about $1.86 million per MW. Intrakat's 165 MW at $0.66 million per MW sits between the development and operational prints, where its mix of assets would put it.
What does the deal signal for Greek wind?
The pattern in Leap's data is consolidation around one buyer. PPC is building its renewables portfolio by partnering with or buying from domestic developers: AVAX in 2022, Intrakat in December 2023, Thrakiki Pelagos days later and the Copelouzos and Samaras portfolios in 2024. Each deal combines some near term capacity with access to a longer pipeline.
International capital is entering at the corporate level instead. Macquarie bought 50 percent of Enel Green Power Hellas in July 2023 at an enterprise value of about $541.7 million, and Masdar agreed to acquire a 70 percent stake in TERNA ENERGY in June 2024 at an enterprise value of about $2.4 billion. Those buyers are taking platforms, while PPC takes projects.
For Greek developers, the Intrakat structure is the template worth watching. It lets a developer crystallise value on its most advanced projects while keeping majority control of the pipeline. For PPC, it secures a call on gigawatts of future capacity without paying today for sites that may never be built. The next disclosure to watch is whether the partners extend the agreement, and at what price.
Frequently asked questions
Who advised PPC on the Intrakat deal? Deloitte acted as financial advisor to PPC Renewables. Reed Smith and Poulopoulos, Underhill & Partners acted as legal advisors.
Which of the Intrakat wind farms was operating? Only the 15 MW Fragaki wind farm was operational at signing. The 5 MW Kastri wind farm was close to operation, and the remaining four projects were under development.
When did PPC complete the Intrakat transaction? The parties expected to finalise the sale, purchase and shareholder agreements by the end of February 2024 at the latest. Leap records the transaction as completed on 1 March 2024.
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