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

Romania coal fired thermal power plants

Romania erases new coal-fired thermal power plants from its plans

23 November 2020 - The Government of Romania claims no more coal power plants would be built and CE Oltenia hinted it is about to scrap the last such project.

federation of bih abolish feed in tariffs shpp

Federation of BiH to scrap feed-in tariffs for small hydropower plants from 2021

19 November 2020 - The government is preparing a set of regulatory amendments in order to prevent the adverse impact of small hydropower plants on the environment.

gornja drina brnabic viskovic joint statement buk bijela

Serbia, Republic of Srpska sign joint statement on Gornja Drina hydropower project

18 November 2020 - The construction of HPP Buk Bijela should take six years, and could start at the end of this year or at the beginning of the 2021.

UK gasoline diesel car ban to 2030 green plan

UK pushes forward gasoline, diesel car ban to 2030 in its green plan

18 November 2020 - The UK rolled out a green for pandemic recovery and moved the new fossil fuel–powered car sales ban target date from 2040 to 2030.