Milbank Advises Public Power Corporation S.A. in Its €775M Green Bond Offering

Milbank LLP advised Public Power Corporation S.A. (“PPC”), a société anonyme incorporated under the laws of Greece, in connection with its green bond offering of €775 million 4¼% senior notes due 2030. The proceeds from the offering have been used to redeem PPC’s €775 million 4.375% Sustainability-Linked Senior Notes due 2026 in full and pay fees and expenses related to the offering. PPC plans to allocate an amount equivalent to the net proceeds of the offering to finance or refinance, in whole or in part, eligible green projects under, and in accordance with, its green finance framework.

PPC is the leading Southeast European electric utility and a critical infrastructure player, operating mainly in Greece and Romania. In Greece, for more than 75 years, PPC has been at the forefront of the power industry and an integral part of the country’s process of electrification. PPC is the largest generator and supplier of electricity, servicing approximately 5.5 million end-customers as of June 30, 2025. It also holds a 51% interest in Hellenic Electricity Distribution Network Operator S.A., the sole owner and operator of the electricity distribution network in the country. In Romania, PPC is the largest electricity supplier and the largest renewable energy generator, providing electricity and gas to approximately 3.2 million end-customers as of June 30, 2025. PPC is publicly listed, and its shares are traded on the Main Market of the Athens Stock Exchange with a market capitalization of approximately €5.1 billion as of June 30, 2025.

The Milbank team was led by Corporate Finance and Securities partners Apostolos Gkoutzinis and Trevor Truman, with associates Chara Makrygianni, Alexia Pimbli, and Michail Plataniotis. The team also included New York Tax partner Eschi Rahimi-Laridjani and associate Blake Rocks.