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ATHENS (Reuters) - Greek electricity utility Public Power Corp. (PPC) said on Thursday it had agreed to buy the renewable energy portfolio of Volterra, a fully-owned unit of construction group Avax.
PPC said the value of the deal corresponds to an enterprise value of 133 million euros ($141.72 million) and is subject to regulatory approvals.
"PPC Renewables gets a significant portfolio of renewable energy sources of more than 110 Megawatts, which helps increase its own portfolio and its differentiation through the addition of wind parks," a PPC official said, declining to be named.
Volterra's Chief Executive Panos Nikou called it a "win-win deal" as it implements part of Volterra's strategy.
Volterra will continue to develop renewable energy sources and energy storage projects, he said.
PPC, which is 34% state owned and Greece's biggest power utility, plans to invest about 5 billion euros by 2024 to ramp up renewables capacity to at least 7.2 gigawatt by that date and shift away from coal-fired power generation.
($1 = 0.9384 euros)
(Reporting by Angeliki Koutantou and George Georgiopoulos; editing by David Evans)