Fitch upgrades PPC’s credit rating to “BB”

According to Fitch, the upgrade reflects expectations that the company’s accelerated expansion in the renewable energy sector through 2030 will strengthen its business profile by improving geographical diversification, enhancing vertical integration with supply activities, and reducing exposure to conventional thermal generation.

According to the agency’s report, PPC’s 2030 strategy is accelerating the company’s transformation into a larger, more diversified, and integrated utility, increasingly focused on clean generation and supply activities. By 2030, the group’s generation asset base is expected to double compared with 2025.

Geographical diversification is also expected to improve by 2030 through expansion into Central and Southeastern European markets, reducing dependence on Greece and Romania. PPC is also developing new growth opportunities in high-demand sectors such as data centres, acting as a power purchase agreement (PPA) provider and infrastructure lessor outside the IT sector.

Fitch also noted that renewable energy generation is the company’s main growth driver, supported by a significant and increasingly mature project pipeline of 22 GW, of which 12 GW is expected to become operational by 2030. The outlook remains favourable through 2028, with the entire pipeline either under construction, ready for construction, or undergoing tender procedures.

Investments in flexible generation, energy storage, and new natural gas plants are expected to strengthen system reliability, mitigate price volatility, and enhance the benefits of vertical integration, while also reducing carbon emissions.

Fitch expects PPC’s EBITDA to grow at an average annual rate of approximately 17% between 2025 and 2030, with electricity generation rising to around 28 TWh by 2030, from 20.9 TWh in 2025.

The agency also expects PPC to complete the full phase-out of lignite by the end of 2026, in line with the company’s previously announced plans.