Greek Regulatory authority for Energy (RAE) has approved the tender for the sale of 20 % stake in electricity transmission system operator ADMIE’s subsidiary Ariadne Interconnector, which is in charge of a project for the construction of Crete- Athens electricity interconnection.
The tender is expected to be launched soon. ADMIE initially planned to offer 40 % stake in the project to potential investors, but it has been halved.
China’s State Grid Corporation (SGCC), which holds 24 % stake in ADMIE, has previously expressed interest in the participation in the project, which led to a prolonged preparation procedure since the involvement of the Chinese capital needed additional approvals from the European Commission.
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on the island is increasing while high-polluting oil-fired units currently operating on Crete will soon need to be withdrawn as part of the EU’s environmental policy.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.