Friday, August 27, 2021
On August 23, 2021, the Hellenic Competition Authority (HCC) issued Decision No. 744/21, unanimously approving the concentration notified on June 18, 2021 referring to the acquisition of joint control of the company under the name THERMOELECTRIC KOMOTINI SINGLE PERSON SOCIETE ANONYME, by the companies GEK TERNA SA, a leader in renewable energy and construction and Motor Oil Renewable Energy SA a member of the Motor Oil Hellas (MOH) Group, a conglomerate including refineries, renewable energy, shipping and other activities.
THERMOELECTRIC KOMOTINI SA, is a Special Purpose Vehicle company established to develop and operate a Combined Cycle Gas Turbine (CCGT) electricity plant. The plant's capacity will be 877 MW and the estimated investment is € 385.000.000.
The HCC reviewed the notified concentration which refers primarily to the broader market for production and supply of electricity to the interconnected and non-interconnected Greek system as well as the related upstream and downstream markets and neighbouring markets such as construction of energy plants and concluded that the concentration is not expected to have serious impact on the structure of competition in these markets.
Ballas, Pelecanos & Associates LPC, Senior Partner Gregory Pelecanos and Associate Constantine Beikos-Paschalis, led the effort and advised and coordinated both GEK TERNA and MOH through the notification process.
For advice and advocacy on competition law matters please contact Gregory Pelecanos at [email protected]