Electricity

China’s State Grid to buy 24% stake in Admie

Photo: Pixabay

Published

November 1, 2016

Country

Comments

0

Share

Published:

November 1, 2016

Country:

Comments:

0

Share

China’s State Grid is a preferred strategic investor to buy a 24 percent stake in Greece’s electricity grid operator Admie, sa9d the board of Public Power Corp.

The Chinese company offered EUR 320 million to buy a minority stake, which is the highest for the assets, so this is the final decision of PPC. The British multinational banking and financial services company Barclays stated that the price offered by State Grid was fair while the tender procedure had been objective and transparent.

The final approval of the sale will be given during a general shareholders’ meeting scheduled for November 24. PPC has been controlled by the state and it was required to sell its stake in Admie or to fully privatise the grid by next year, according to the terms of Greece’s international bailout. The deal between PPC and China’s State Grid is expected to be concluded in the first three months of 2017, according to the timetable approved by the government in Athens.

Greece received two binding bids for the 24 percent stake in Admie sale. Besides China’s State Grid International Development, Italian power grid owner Terna submitted a bid too, but its proposal was lower.

Boosting ties between Greece and China

Greek Prime Minister Alexis Tsipras visited China in July and the EUR 320 million worth deal is seen as a part of boosting ties between two countries. It comes shortly after PPC signed an initial agreement with China Machinery Engineering Corp. (CMEC) to build a EUR 1 billion power plant in Greece in September. Earlier this year Chinese shipping and port giant China Cosco Holdings Co. bought a 51% stake in Greece’s largest port Piraeus.

State Grid International Development is a subsidiary of State Grid Corporation of China (SGCC) established in June 2008. From 2012 the company serves as a professional platform which executes overseas electric power asset investments and operations for SGCC. Besides supplying with electrical energy over 1.1 billion people in 26 provinces, autonomous regions and municipalities in China , State Grid also owns and operates overseas assets in the Philippines, Brazil, Portugal, Australia, Italy and more.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

epcg solari project pubic call solar panels

Montenegro’s EPCG to expand Solari program with 5,000 rooftop PV units

05 December 2022 - The Solari 5,000+ program will enable the addition of 70 MW in total solar power capacity, valued at EUR 70 million

Romania complete dormant Pascani hydropower EU funds

Romania to complete dormant Pașcani hydropower project with EU funds

05 December 2022 - Romania has included the Pașcani hydropower project, which is on hold since 2018, on the list for EU grants

ENTSO-E Winter Outlook supply risks possible in six European countries

ENTSO-E Winter Outlook: Supply risks possible in six European countries

05 December 2022 - ENTSO-E’s warning is part of the Winter Outlook 2022-2023, an analysis of the security of electricity supply on a pan-European level

Greece record 47 1 electricity renewables 2022

Greece produces record 47.1% of electricity from renewables so far in 2022

05 December 2022 - The share of electricity demand in Greece covered from renewable sources climbed to an unseen 47.1% in the first ten months of the year