The Board of Directors of PPC at its meeting today April 22, 2008 approved the Memorandum of Understanding between PPC and RWE. The Memorandum of Understanding refers to the investigation of possible cooperation between the firms in the following areas:
1. Development in Albania of a 500-800 MW coal-fired power plant. The MoU envisages, in case the Project proves feasible, the creation of a separate legal entity in the form of a societe anonyme, which will undertake the development and operation of the Project. RWE will own 51% of the new entity, PPC 39% and TITAN 10%.
2. Natural Gas in Greece.
3. Renewable Energy Sources. For these projects the MoU envisages that RWE will have a share of 51% whereas PPC Renewables - a 100% subsidiary of PPC - will have a share of 49%.
Athens, April 22, 2008