(Source: Datamonitor)
Italian energy company Edison has said that its joint venture Elpedison Power in Greece is fully operational. The joint venture was formed by Edison, Hellenic Petroleum and Hed and Halcor, the minority shareholders of Thisvi.
The company owns the 420MW combined cycle gas turbine (CCGT) power plant currently under construction in Thisvi, Greece, previously owned by Thisvi; and the 390MW CCGT power plant in Thessaloniki, Greece, previously owned by Energiaki Thessalonikis, an affiliated company of Hellenic Petroleum Group.
Furthermore, Edison and Hellenic Petroleum have established Elpedison Trading which will operate as a trading company to provide sales of energy power and energy management services.
Prior to this, Elpedison Trading, a company 100%-owned by Elpedison, jointly-controlled by Edison and Hellenic Petroleum, was established, and Thisvi was merged through absorption, effective as of September 9, 2009, into Energiaki Thessalonikis, owner of the Thessaloniki power plant, which then decided to change its company name to Elpedison Power Generation.
Following the merger, on October 15, 2009, in execution of the agreements made on July 3, 2008, Elpedison, the majority shareholder of Elpedison Power, has transferred shares representing 21% of Elpedison's share capital to Hed and Halcor, in exchange for the payment of approximately E30.7 million.
After the conclusion of the process, ElpEdison has 75% of T-Power while the minority shareholders of Thisvi (Hed and Halcor) have the remaining 25%.
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