Athens, July 24th 2018 - INDOVERSE (CZECH) COAL INVESTMENTS LIMITED, a member company of SEVEN ENERGY Group, and GEK TERNA Group, have entered a partnership to jointly submit a binding offer at the second-round international tender for the spin-off of the Public Power Corporation’s lignite power units in Megalopoli and Meliti.
SEVEN ENERGY and GEK TERNA are among the six bidders that were included in the shortlist of contenders eligible to submit binding bids for acquiring the two units under divestment. The strategic partnership combines SEVEN ENERGY’s unique operational and technical experience in the lignite mining and power generation, its strategic approach and financial strength, with GEK TERNA’s leading position and deep knowledge of the Greek energy production and supply sector.
SEVEN ENERGY Group is a well-established international player that has developed from a lignite mining company into a major vertically integrated energy group. Its core mission is to provide a safe and reliable supply of electricity to the market, at the same time contributing to the affordability of energy sources by providing electricity at affordable prices for final consumers. SEVEN ENERGY has a strong track record of operating lignite mines in the Czech Republic, as well as operating and upgrading fossil-fuelled power plants. The Group puts a strong focus on adherence to environmental standards and has a solid track record in efficiency improvements and minimizing air pollution, emissions and waste.
GEK TERNA Group is one of the largest Greek groups and a leader in energy production and supply, with expertise spanning several sectors, in Greece and abroad. With a history of almost 50 years, GEK TERNA was the first private group to invest in the thermal energy market in Greece by establishing HERON in 2000. HERON Group owns and has successfully operated since 2004 two gas-fired power plants in Greece with a total installed capacity of almost 600 MW. GEK TERNA is also the leader in the Greek RES market. Through its subsidiary TERNA ENERGY, the Group operates, is constructing or has fully licensed almost 1.200 MW of RES installations in Europe and America.
Commenting on the joint venture, Alan Svoboda, Executive Director, SEVEN ENERGY, noted: “We are very pleased to be joining forces with GEK TERNA, one of Greece’s largest and most reputable Groups with activities in the energy sector. This is a partnership with a long-term perspective, starting with the submission of a joint bid for the Megalopolis and Meliti units. On its part, SEVEN ENERGY brings a unique know-how in the lignite-based power generation. We have first-hand experience with operating and modernizing such assets and we have experienced also the market transformation towards electricity becoming a market commodity with subsidized green power being introduced on top. As the Greek energy market is undergoing a profound transformation, we are confident that, together, we can offer a robust basis for the future of lignite power generation sources”. .
On behalf of GEK TERNA Group, George Peristeris, CEO, commented: “We are very pleased for our joint venture with SEVEN ENERGY Group, an experienced and well established international energy player. Together, we can provide long-term and productive solutions for the Greek Energy Market. Being the first private Group to invest in the opening of the Greek Energy Market, GEK TERNA, along with SEVEN ENERGY, can also secure a far more sustainable and efficient future for the lignite units in Megalopoli and Meliti, to the benefit of the environment and the local communities”.
SEVEN ENERGY Group is one of the major energy groups in the Czech Republic and a well-established international player. The company supplies customers with affordable, reliable energy from coal-fueled power plants. Its activities include operations along the entire energy value chain, from mining lignite, through generation, to trading and selling electricity on the European power markets. The Group operates on the firm assumption that energy systems operating with growing shares of volatile renewable electricity generation require flexible and reliable assets to (1) provide a robust and currently indispensable complement to those renewable assets in the overall energy mix and to (2) support the curbing of electricity prices for industrial and household consumers. In the Czech Republic, SEVEN ENERGY operates the lignite mines Vršany and ČSA in North Bohemia and a thermal power station in Chvaletice. The company combines deep expertise and a true entrepreneurial spirit and is set to expand internationally. The Group is financially robust, with a consolidated balance sheet, which, as of 31 December 2017, amounted to approximately EUR 850 million. Besides its financial strength, SEVEN ENERGY Group puts a strong focus on adherence to environmental standards and invests into the efficiency of its sites to make them as clean and green as possible. SEVEN ENERGY currently employs more than 2,600 people in the Czech Republic and is growing steadily. In 2016, the Group extracted more than 9,6 million tons of brown coal and is projected to generate 4,5 TWh of electricity in 2018.
GEK TERNA Group is one of the leading business Groups in Greece with operations also in Central and Southeastern Europe, the USA, North Africa and the Middle East. The Group’s expertise spans from construction, energy production and supply, concessions, waste management and mining activities to real estate development & management. With a total number of 5,000 employees around the world, the Group has invested more than €2 billion in the last years. The current construction backlog of the Group settles at the high level of €1.6 billion approximately, while the total installed capacity of the energy plants that the Group owns or participates in is approximately 1,800 MW. GEK TERNA (www.gekterna.com) is listed on the Athens Stock Exchange (FTSE / Athex Large Cap).