Power Power Corporation (PPC) will spend about 2 billion euros a year by 2015 to cut carbon emissions and will seek to expand into Southeast Europe as the Greek market becomes more ‘challenging,’ Arthouros Zervos, the power company’s chief executive, said yesterday. The target will be included in an updated business plan that will be presented early next year, Zervos said.
‘Investment will probably be in the order of 2 billion euros a year through to 2015,’ he said. ‘We want to use at least 30 to 40 percent from our cash flow... We will borrow the rest.’ PPC, one of Europe’s biggest polluters, is investing heavily to produce cleaner energy and avoid facing carbon emission costs of more than 1 billion euros a year from 2013. ‘PPC will shrink unless we expand,’ Zervos added. ‘This is now about the existence of this company.’