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HEDNO Privatisation (49% stake)

Model Audit

14th March 2022

DWPF provided model audit advice to Macquarie (MAM) on the acquisition of a 49% stake in the Hellenic Electricity Distribution Network Operator (HEDNO).


HEDNO is responsible for the operation, maintenance, and development of the national power distribution network in Greece. The business serves more than 7.6 million customers across the Greek mainland and its islands via a 242,000-kilometre network of electricity distribution lines, interconnectors and substations.


HEDNO is the sole electricity distribution in the country with attractive growth prospects through an accelerated investment plan for the modernisation and digitisation of its network. The investment plan will also deliver greater value to its customers and support Greece’s energy transition to net zero.


Macquarie Asset Management’s investment will be made on behalf of institutional investors including pension funds and insurance companies. Macquarie Asset Management will partner in the long-term ownership and development of the business with PPC, which will retain the remaining 51% ownership interest.