Greece, ADMIE has launched a tender for the sale of 20 % stake in its subsidiary Ariadne Interconnector

, SEE Energy News

Greek electricity transmission system operator ADMIE has launched a tender for the sale of 20 % stake in its subsidiary Ariadne Interconnector, which is in charge of a project for the construction of Crete-Athens electricity interconnection.

The operator expects to attract interest from investment funds, which would contribute to the project’s financing. Besides, State Grid Corporation of China (SGCC), which holds 24 % stake in ADMIE, is also expected to express interest in the tender.

The deadline for the submission of non-binding bids is 28 September.

Participants can take part either alone or as consortium members. Also, bidders must meet own capital criteria of at least 750 million euros, annually, to be eligible for entry.

In late 2020, ADMIE set a minimal sale price at 40 million euros or 20 % of Ariadne’s nominal value of 200 million euros.

The Athens-Crete electricity interconnection is urgently needed as electricity demand on the island is increasing while high-polluting oil-fired units currently operating on Crete will soon need to be withdrawn as part of the EU’s environmental policy. ADMIE plans to complete the interconnection by the end of 2024.