We provided model audit advice to Macquarie (MIRA) on acquiring a 49% stake to privatise the Hellenic Electricity Distribution Network Operator (HEDNO).
HEDNO is responsible for the operation, maintenance, and development of the national power distribution network in Greece. The business serves more than 7.6 million customers across the Greek mainland and its islands via a 242,000-kilometre network of electricity distribution lines, interconnectors and substations.It’s regulated assets are worth EUR 3.6bn.
HEDNO is the sole electricity distribution in the country with attractive growth prospects through an accelerated investment plan for the modernisation and digitisation of its network. The investment plan will also deliver greater value to its customers and support Greece’s energy transition to net zero.
The acquisition of stake is valued at EUR 1.3bn, funded by equity from Macquarie’s super core fund and debt arranged by local bank Alpha Bank.
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