3 minutes
HELLENiQ ENERGY announces the successful completion of its acquisition of the remaining 50% stake in ELPEDISON B.V., becoming the sole shareholder of the company. With this milestone, a new chapter begins -one that reinforces HELLENiQ ENERGY’s position as one of the largest vertically integrated energy groups in Southeastern Europe.
The transaction, valued at €164 million plus an additional €19 million due to increased cash reserves, follows the required approvals by regulatory authorities in Greece and abroad.
ELPEDISON is a key player in Greece’s energy sector, active in both electricity generation and supply, as well as natural gas distribution. As the first independent power producer in Greece to use natural gas, the company currently operates two modern combined-cycle gas turbine (CCGT) plants in Thessaloniki and Thisvi areas in Northern Greece, with a total capacity of approximately 820 MW. In 2024, ELPEDISON achieved revenues of €1.3 billion and EBITDA of €43 million, delivering 2.3 TWh of electricity and holding approximately 6% market share in the power supply segment.
The acquisition marks a strategic step forward for HELLENiQ ENERGY, enhancing its operational flexibility, competitive edge, and capacity to deliver on its long-term energy transition goals. The integration of ELPEDISON enables the Group to generate synergies across multiple business areas -from managing energy production and consumption more efficiently, to creating commercial value through the convergence of electricity, gas, and liquid fuels, and expanding its green energy offering to retail and business customers.
Aligned with its vision to create a modern “Green Utility,” HELLENiQ ENERGY will now fully leverage the combination of:
- Natural gas infrastructure and expertise
- A robust portfolio of renewables (0.5 GW in operation, with a development pipeline exceeding 6 GW)
- Under-construction battery storage assets
Marking this occasion, Andreas Shiamishis, CEO of HELLENiQ ENERGY noted:
“With ELPEDISON’s full integration into our Group, we are now even stronger. This transaction concludes a successful chapter for ELPEDISON and opens a new one -one that sets the stage for accelerated dynamic growth with tangible benefits across the board.
Natural gas will continue to play a vital role in the energy mix for many years to come. The combination of gas, retail, cross-border trading, and one of the region’s largest renewable portfolios - under the umbrella of a major energy group- offers unique potential for value creation.
This acquisition was a core element of our strategic roadmap, and we executed it exactly as planned. I would like to thank the entire ELPEDISON team for their commitment to customer service and operational excellence during a prolonged period of uncertainty. We now have all the conditions in place to unlock the company’s full potential.
I would also like to extend my sincere appreciation to our partners at EDISON. Over the past 15 years, we have navigated the complexities of the Greek energy market together with a spirit of professionalism and mutual respect. The decision to dissolve our joint venture stemmed from differing strategic directions, but our partnership has left a lasting, positive impact- and I am confident that opportunities for future collaboration will arise.”