New era for DESFA after EUR 535 million takeover

New era for DESFA after EUR 535 million takeover

The consortium SENFLUGA Energy Infrastructure Holdings S.A. has completed the acquisition of 66% of the share capital of the National Natural Gas Transmission System Operator (DESFA) with the payment of EUR 535 million.

The consortium, which is the new shareholder of DESFA and is made up of the largest European Natural Gas Operators, Snam S.p.A., Enagás Internacional S.L.U. and Fluxys S.A., confirms the attractiveness of the Greek market, highlights the investment prospects of Greece and its potential to become one of Europe’s most important energy hubs.

“We have arrived at the end of a long journey for the privatization of DESFA. In its early stages it has been turbulent and with many reversals, but today’s government has managed to solve the issues of compatibility with Community law, to secure a significantly higher price and to secure strong rights for the State, such as defining the position of the President of the company. At present, the Ministry of Energy and the Environment has received 34% of the share capital that has until now belonged to the HRADF. We have achieved a strategic agreement that incorporates DESFA into Europe’s strong team, as the consortium that has prevailed in the contest already has significant strategic investments in the wider region. I will repeat it: In the end it takes place differently”, said the Minister of Environment and Energy, Giorgos Stathakis.

HRADF Executive Chairman Aris Xenofos noted for his part that “an extremely successful tender procedure, which attracted considerable investment interest, has been completed. The new era that starts for DESFA is also a new page for the country’s energy role in the EU and our wider geographic area, which is nodular and emerges stronger. We have confidence in DESFA’s new shareholders and the development plans they will deliver, transferring their international experience and know-how and we will be next to them whenever they need it”.

In the meantime, the Energy Regulatory Authority approved the contract by which DESFA undertakes the maintenance of the Greek section of the Trans-Adriatic Pipeline gas pipeline.

The contract concerns specifically the assumption by DESFA of the maintenance of the pipeline, with a total length of 550 km, from the Gardens of Evros at the Greek-Turkish border, to Hieropigi in Kastoria at the Greek-Albanian border.

The maintenance agreement has a duration of five years from the commencement of TAP’s commercial operation.

It also provides for the support from DESFA already before the start of its operation./IBNA