The stake was worth US$356m.
The Chinese State Grid Corporation has completed the purchase of a 24% stake in ADMIE (Independent Power Transmission Operator), Greece's power grid operator from Greece's state-held power utility Public Power Corporation (PPC), according to Enerdata.
"Under the terms of the bailout agreement approved in August 2015, PPC (51% state-owned) had to divest a minority interest in ADMIE or fully privatise the transmission network by 2017. As approved in December 2016, PPC will sell a 24% stake in ADMIE to China's State Grid International Development for €320m (US$356m) and a further 25% stake to a state-owned company to be set up. The remaining 51% will be transferred to a holding company owned by PPC and listed in March 2017," Enerdata said.
Enerdata added that the Greek network is integrated with its neighbours and is a key power transmission corridor in Southern Europe. Greek authorities hope that the Chinese State Grid will invest €2bn over 10 years in ADMIE and in particular develop new undersea cables between Crete, Greek islands and mainland Greece.
Do you know more about this story? Contact us anonymously through this link.