Adaro eyes $291 million from unit IPO to spin off coal arm
Adaro is spinning off the coal mining unit valued at $2.45 billion to focus on developing cleaner energy, with an aluminum smelter being built in Kalimantan.
Greece will sell its coal-fired plants and coal mines equal to about 40% of its dominant power utility Public Power Corp’s (PPC) coal-fired capacity, as part of a reform deal the government reached with its foreign creditors.
Athens needs the funds urgently, as it needs to repay 7.5 billion euros in debt maturing in July.
The move aims at opening the energy market in Greece, which is second only to Germany in terms of lignite coal production in the European Union.
Athens will begin testing the waters for such sale in November, with the goal of wrapping up the sale by June 2018, a government official told Reuters.
The government needs the funds urgently, as it needs to repay 7.5 billion euros in debt maturing in July.
Coal is currently Greece’s single most important local energy source, according to World Energy Council and PPC is the nation’s largest producer of the fossil fuel, with the right to exploit 63% of known reserves.
The state-own company is also the country’s main electricity provider, producing 95% of Greece’s total electricity supply.
Comments
Altaf
In the past, Greece has permitted foreign companies to mine for gold and once foreigners brought in money, they blocked the mining operations. Now they plan to sell coal power plants. In future if they ban “dirty coal power” in the name of “Environmental concern” who will guarantee investments?