State power company Public Power Corporation (PPC) is considering bidding for a stake in Montenegro’s power monopoly Elektroprivreda Crne Gore AD (EPCG) as part of plans to expand in the Balkans.
PPC’s board approved a memorandum of understanding with the energy unit of shipping group Restis Group for a possible joint bid for Montenegro’s EPCG, PPC said. Montenegro put a 18.3 percent stake in EPCG up for sale in February.
PPC and Restis will also explore the joint development of lignite mines and thermal power plants in Montenegro, as well as renewable energy projects in Southeast Europe.
PPC said it has also signed a separate memorandum of understanding with Quantum Corporation Limited and Bank of Cyprus to consider the possibility of building power plants in Bosnia.
Shares in PPC retreated 0.14 percent yesterday to 14.30 euros, bringing its market capitalization to 3.31 billion euros. The Athens bourse’s benchmark general index shed 0.95 percent to close at 1,907.43 points.
(KATHIMERINI, 29/04/2009)