ABO Energy has reached an agreement to sell its subsidiaries in Poland and Hungary to Public Power Corporation (PPC), a Greek electric power group. <\/p>\n
The deal includes all 38 ABO Energy employees in both countries, a development pipeline of around 2GW, and five operating solar parks with a combined capacity of 82MW. It also covers a 17MW solar farm that is nearing completion. <\/p>\n
Financial details regarding the transaction are undisclosed. <\/p>\n
PPC, described as an integrated utility group in south-east Europe, will acquire the two subsidiaries following the necessary regulatory approvals. <\/p>\n
The companies expect the transaction to close by the end of the year. <\/p>\n
ABO Energy stated that the transaction forms part of its ongoing restructuring and planned financing solution, adding that the sale will not affect these efforts. <\/p>\n
ABO Energy managing director Dr Karsten Schlageter said: “Following the sale of our Greek subsidiary and most of our Finnish wind power pipeline, the sale of our Hungarian and Polish subsidiaries marks another step towards focusing on those countries where we can achieve sustainable long-term commercial success. <\/p>\n
“We are pleased to have found a good solution both for ABO Energy and for the employees concerned.” <\/p>\n
Since 2019, ABO Energy has acted as a project developer in both Poland and Hungary, delivering renewable energy initiatives and building a substantial pipeline in these markets. <\/p>\n
The company stated its continued aim is to secure a sustainable restructuring and financing solution in the coming weeks and months. <\/p>\n
As part of the deal, PPC will take ownership of the Szarvas solar park in Hungary, which was commissioned in 2024. <\/p>\n
ABO Energy develops and constructs wind and solar farms as well as battery and hydrogen projects globally. <\/p>\n
The company has been operating for nearly three decades, overseeing every stage of renewable energy project development, from site assessment and planning to construction, grid connection, and ongoing operations and maintenance. <\/p>\n