The agreement for the disposal of 20% of the shares of ADMIE’s subsidiary company and implementing body of the Crete-Attica electricity interconnection, Ariadne Interconnection, to State Grid International Development (SGID), was signed by the president and managing director of the Operator Manos Manousakis and the president of SGID Yu Jun.

The signing of the agreement took place in the presence of the Secretary General of Energy and Mineral Raw Materials of the Ministry of Energy Aristotelis Aivaliotis, the Ambassador of the People’s Republic of China to Greece, Fang Qiu and the Executive Vice President of the State Grid Corporation of China, Jin Wei. The ceremony was also attended by senior management officials of ADMIE, ADMIE Participations and State Grid.

According to the information from the ADMIE, during his greeting, Mr. Aivaliotis praised the cooperation of ADMIE with State Grid, underlining the importance of electrical interconnections in the energy transformation of the country. “Greece envisages developing into a major energy hub and electrical interconnections will play a decisive role in this direction. The State welcomes this new collaboration with the friendly country China and supports ADMIE in the important projects it implements for the country”, he said.

On his part, Mr. Manousakis emphasized that the entry of State Grid International Development into the shareholder composition of Ariadne Interconnection is a strong vote of confidence both in ADMIE and in the Crete-Attica electrical interconnection project itself. “ADMIE has proven to be a modern and extroverted European Administrator, with high expertise and an ambitious strategy. Our investments are geared towards accelerating the energy transition and making Greece a strong infrastructure hub, at the crossroads of Europe, Africa and Asia. Strategic partnerships, such as the one with the State Grid Corporation of China, the Operator of the largest electricity transmission system in the world, contribute to the achievement of the above. Building on this relationship, I am confident that the investment participation of State Grid International Development will strengthen the development prospects of Ariadne, the entity that implements the largest island interconnection that Greece has seen to date”, he said.

Regarding the progress of the project, the head of ADMIE stated that the construction of the Crete-Attica electrical interconnection will be completed by the end of the year, and then its test electrification will follow, with the aim of being put into commercial operation in the summer of 2025.

The executive vice president of the State Grid Corporation of China Jin Wei expressed his satisfaction with the ongoing and productive cooperation between the two Groups. “The State Grid Corporation of China, the world’s largest utility company, is dedicatedly serving the ‘green’ transformation by accelerating the construction of new energy systems and infrastructure. Since June 2017, we have established a strong partnership with ADMIE, based on the principles of mutual trust and mutual benefit, promoting the modernization and green transformation of the Greek electricity grid. The Crete-Attica interconnection is a key component of Greece’s strategic energy transition, providing stable and clean electricity to Crete, while significantly reducing its dependence on fossil fuels,” he noted.

State Grid Corporation of China vice president Zhu Guangchao said: “Achieving this cooperation would not have been possible without the guidance and support of the Greek Ministry of Environment and Energy and the Chinese Embassy in Greece. The State Grid Corporation of China always adheres to the principles of extensive and constructive consultation, actively fulfilling its role as a shareholder and maintaining excellent cooperative relations with the main shareholder of ADMIE, jointly supporting safe, stable and sustainable development. Through this equity investment in Ariadne Interconnection, we will further deepen our practical cooperation in the energy sector between China and Greece. Strictly respecting the legal and regulatory framework of the EU and Greece, we will continue to work closely with ADMIE to promote the safe and smooth operation of the project.”