
The acquisition of 20% of the subsidiary of the Independent Power Transmission Operator (IPTO) that is running and financing the large project of the electrical interconnection between Crete and Attica is expected to generate increased interest on the part of investors.
The 1 billion euro investment is the largest project in the history of the Greek electrical system, generating significant economic and environmental benefits for all citizens.
“ARIADNE Interconnection” was established in 2018 by the Greek Administrator with a share capital of 200 million euros and has undertaken to complete the project in 2024. The bar set by the parent company in the call for expression of interest shows that this is a competition for strong wallets.
According to information the Chinese firm State Grid has set its eyes on bidding. In 2019, State Grid expressed its interest in writing during a visit to Athens by a Chinese government delegation. In addition to State Grid, which is a 24% shareholder of IPTO, market players talk about interest from large funds that invest in infrastructure projects as well as from Greek energy companies.
The bar that’s been set
The competition, with the first phase of expression of interest ending on September 28, has no restrictions in terms of the activity that an investor must carry out but, as mentioned above, sets a high bar in terms of the financial criteria that must be met. A fact that shows that IPTO is looking for a serious and reliable investor, as noted by competent sources.
As the invitation to the tender states: “For a legal entity, the average annual (consolidated, if applicable) equity position, calculated as total (consolidated, if applicable) assets minus total (consolidated, if applicable) liabilities for the three (3) most recent audited financial years equals or exceeds €750 million; If an entity (whether acting singly as an Interested Party or as a Μember of a Consortium) has completed less than three (3) fiscal years as of its establishment/incorporation, its equity position shall be calculated as the average equity of the years that such entity is in operation, provided it has completed at least one full year of operation.”
Financing the project
According to the text of the tender, “ARIADNE Interconnection” has secured the financing of the electrical interconnection project between Crete and Attica. The 200 million euros are equity, the 400 million euros from the NSRF 2014-2020, the 200 million euros from the bond loan it has entered into with Eurobank and another 200 million euros from the EIB.
IPTO does not rule out requiring an increase in share capital.


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