STAMFORD, Conn., Dec. 11, 2017 (GLOBE NEWSWIRE) -- Finacity Corporation (“Finacity”) announced that it has officially been awarded the role of securitization advisor on behalf of Public Power Corporation/Δημόσια Επιχείρηση Ηλεκτρισμού (“PPC” or “ΔΕΗ”) in response to Hellenic tender DYC 51717050. A consortium led by Finacity and Qualco S.A. (“Qualco”) has been tasked with enhancing PPC’s working capital and managing arrears of PPC clients. Finacity will be conducting a feasibility study to evaluate the extent to which PPC will be able to raise funds using its receivables portfolio as collateral, while Qualco will be responsible for the portfolio management and debt servicing of current, non-current, and non-performing receivables.
Junior members of the consortium include Deloitte Business Solutions SA, KPMG, Deutsche Bank London Branch, IBM Hellas AE, and Estia Business Group.
About PPC
PPC is the biggest power producer and electricity supply company in Greece with approximately 7.4 million customers. PPC currently holds assets in lignite mines, power generation, transmission and distribution. PPC’s current power portfolio consists of conventional thermal and hydroelectric power plants, as well as Renewable Energy Source (“RES”) units, accounting for approximately 68% of the total installed capacity in the country.
PPC is active in the RES sector through its subsidiary company PPC Renewables S.A. (“PPCR”), with a portfolio of wind farms, small scale hydroelectric plants and photovoltaic plants of total installed capacity of 116 MW.
PPC was founded in 1950 by the Greek government and is listed on the Athens and London Stock Exchange as of December 2001 (Athex:PPC). As of 2014, PPC had 18,572 employees and generated EUR 5.8 billion in revenue.
About Finacity
Finacity specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and program administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately US $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com.
For more information on this transaction, please contact:
Finacity Corporation
Jason Kim
USA Tel : +1 (203) 428-3520
jkim@finacity.com