The Chinese State Grid Corporation has completed the purchase of a 24% stake in ADMIE (Independent Power Transmission Operator), Greece's power grid operator from Greece's state-held power utility Public Power Corporation (PPC).
Under the terms of the bailout agreement approved in August 2015, PPC (51% state-owned) had to divest a minority interest in ADMIE or fully privatise the transmission network by 2017. As approved in December 2016, PPC will sell a 24% stake in ADMIE to China's State Grid International Development for €320m (US$356m) and a further 25% stake to a state-owned company to be set up. The remaining 51% will be transferred to a holding company owned by PPC and listed in March 2017.
The Greek network is integrated with its neighbours and is a key power transmission corridor in Southern Europe. Greek authorities hope that the Chinese State Grid will invest €2bn over 10 years in ADMIE and in particular develop new undersea cables between Crete, Greek islands and mainland Greece.