Electricity

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

Photo: Pixabay

Published

November 1, 2016

Country

Comments

comments icon

0

Share

Published:

November 1, 2016

Country:

Comments:

comments icon

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

Horius exclusive distributor PupinEnergy chargers Serbia

Horius becomes exclusive distributor of PupinEnergy chargers for Serbia

25 April 2025 - Horius signed an exclusive agreement and became the authorized distributor of PupinEnergy AC electric vehicle chargers in Serbia

romania ccgt power plants entso mintia burduja

Romania’s plan to install 2.15 GW of gas power plants isn’t viable

25 April 2025 - The evaluation is part of ENTSO-E’s annual assessment of Europe’s security of electricity supply for the ten years ahead

Project Albania first gas power plant enters next stage

Project for first gas power plant in Albania enters next stage

25 April 2025 - Greece-based GEK Terna and DEPA Commercial are preparing to build the first gas power plant in Albania, with local partner Gener 2

catl Naxtra Battery sodium ion lithium

CATL: World’s first mass-produced sodium ion battery is here

25 April 2025 - Naxtra breaks resource constraints and strengthens the foundation of the new energy industry, according to CATL