Hellenic 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.