September promises to be a month of developments and clarity for the landscape of energy privatization in Greece, tenders for the sale of 100% of DEPA infrastructure and 49% of the network operator of Hellenic Electricity Distribution (DEDDIE) being almost completed.
The two tenders are going smoothly, mainly thanks to the interest of six parties, attracted by the guaranteed income of the two energy network operators.
What distinguishes the two calls for tenders is that the interest in DEDDIE was reserved for large investment funds, while the sale of DEPA Infrastructures attracted strong European network operators. The fact that Public Power Corporation will not concede the management of DEDDIE as well as the 49% stake kept European grid operators such as the Italian Enel and the French Enedis, which had expressed their interest informally before the start of the process.
The final battle for DEPA infrastructure will be between two of Europe’s most powerful grid operators. Vying for full control of the Greek natural gas network, Italgas, the third largest gas network operator in Europe, and EP Investment Advisors from the Czech Republic, which is also active in Slovakia, Italy, Ireland, Great Britain, France and Switzerland.
The DEDDIE divestiture process shortlisted nine investment funds for the final phase, but interest fell to almost four, which are the strongest in terms of both value and infrastructure investments.
One of the favorites is CVC Capital Partners, which in recent years has become one of the country’s leading foreign investors. Competitors include First Sentier, a Luxembourg-based infrastructure fund with assets of $ 176 billion, and Australian fund Macquarie, which manages funds of around $ 500 billion and is the largest company of asset management in the infrastructure sector in the world.
The fourth and not the least favorite in the process is the US investment group KKR, which controls $ 200 billion in assets and first got involved in Greece through the bad debt management platform Pillarstone.