Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Bulgaria
Greece
Romania

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Sep 24, 2025

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Public Power Corporation SA

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Construction
Energy

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 205.49 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 175
Converted using 2025-09-24 exchange rate.

Project Cost (USD)

$ 410.98 million

Bank Documents

PSD Translation (Greek)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 2, 2026

Disclosed by Bank May 19, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of a corporate senior unsecured loan of up to EUR 175 million to Public Power Corporation SA ("PPC"), the incumbent utility in Greece and a leading energy utility in SEE, active in electricity generation, distribution, and supply, mainly in Greece and Romania. The loan's proceeds will fund the development, construction, and operation of approximately 400 MW RES capacity in Romania, Bulgaria and Greece. The loan will partially benefit from support under the InvestEU Fund. The Bank has agreed a Non-Technical Summary (NTS) and a Stakeholder Engagement Plan (SEP) with PPC to be published for the first identified project, a 140 MW wind farm in Eastern Romania.

The Project's primary objectives are to support PPC in financing its extensive investment programme and expanding its renewable energy generation capacity across the SEE region, while also facilitating PPC's full exit from coal as committed by the year-end of 2026. Additionally, the Project will enable the installation of a significant RES capacity in Romania, Bulgaria and Greece, thus helping to meet the region's growing energy demands. Finally, the Project builds on the successful existing partnership with PPC, offering an opportunity for the Bank to deepen its engagement with a major Greek corporate active across SEE as well as the wider EBRD region.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Category B (ESP 2024) due to site-specific E&S risks including health and safety, labour and contractor management as well as impacts associated with supply chain, land acquisition and biodiversity.

The ESDD confirmed the Romanian wind farm in the pipeline of projects to be Category B, with manageable, site-specific environmental and social risks. No material risks related to land acquisition, land-take, hazardous materials, or cultural heritage were identified. The project area is outside protected areas and ESR6 compliance was confirmed.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

A corporate senior unsecured loan of up to EUR 175 million. The loan will partially benefit from support under the InvestEU Fund.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Public Power Corporation SA (PPC) is the leading South-East European integrated utility, with activities in electricity generation and distribution as well as the sale of advanced energy products and services in Greece, Romania, N. Macedonia, while also expanding its Renewables footprint in Italy, Bulgaria and Croatia. Through its supply division, PPC provides electricity to approximately 8.5 million end-customers in Greece and Romania, while is also the majority owner of the electricity distribution grid in Greece, holding at the same time a 35% market share in electricity distribution in Romania. The Company is publicly listed on the Euronext Athens and is rated BB- by S&P and Fitch. PPC's largest shareholders are the Greek State (35%) and Selath Holding Srl (10%).

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Public Power Corp Sa	Client	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Apostolos Orfanos
a.orfanos@ppcgroup.com
+30 210 95 16596
https://www.dei.gr
Public Power Corporation S.A., 30, Halkokondili str., 104 32 Athens, Greece

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html