2 minutesHELLENIC PETROLEUM S.A. announces today, within the framework of the agreement to form a strategic alliance with Italy’s EDISON SpA that was signed on 3 July 2008, the merger through absorption of THISVI S.A. (which was 65%-owned by Elpedison B.V. and 35%-owned by Hellenic Energy & Development S.A. and Halcor S.A.) with ENERGIAKI THESSALONIKIS S.A., which has been renamed to ELPEDISON POWER GENERATION S.A. (was 100%-owned by Elpedison B.V.).
ENERGIAKI THESSALONIKIS S.A. owns a 390MW CCGT power plant (in operation) in Thessaloniki, Greece, while THISVI S.A. owns a 420MW CCGT power plant (under construction) in Thisvi, Greece.
Following the merger and pursuant to the agreement, 21% of ELPEDISON POWER GENERATION S.A. was transferred by Elpedison B.V. (a 50/50 joint venture between Hellenic Petroleum and Edison) to Hellenic Energy & Development S.A. and Halcor S.A. The consideration amounts to €30.7 million. Currently, and in line with the strategic alliance agreement, Elpedison B.V. owns a 75% stake in Elpedison Power Generation S.A., with the remainder owned by Hellenic Energy & Development S.A. (22.5%) and Halcor S.A (2.5%).
In addition, as part of the strategic alliance agreement, Elpedison B.V. founded the company Elpedison Trading S.A., aiming for cross-border power trading, retail sales of electricity in Greece, as well as the provision of energy management services.
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Notes to Editors:
Founded in 1998, HELLENIC PETROLEUM is one of leading energy Groups in South East Europe, with activities spanning over 10 countries across the region and the energy value chain. In 2008, Group Adjusted Net Earnings amounted to €216m, on total revenues of €10bn. Its shares are listed on the Athens Exchange (ATHEX: ELPE), and it has a market capitalization of about €2.6 billion.
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