A deal between Terna and Chinese firm Sinohydro is expected to be launched on the island of Crete with construction of a large 50MW-capacity hydroelectric facility in Amari, close to Rethymno. At present, Terna holds the largest portfolio of hydroelectric development projects in Greece, through its subsidiary firm, Terna Energy. A number of small 15MW facilities are already operating, while projects amounting to 4,360MW of prospective hydroelectric production await approval. In recent years, the Terna group has submitted over ten applications for approval of large hydroelectric projects totaling over 1,500 MW.
Chinese firm Sinohydro ranks as the world’s 14th largest firm in its field, while it is ranked sixth among Chinese construction firms, based on annual turnover. The firm is active in 55 countries, while its earnings figure in 2012 reached 20.4 billion dollars. At present, the firm’s unexecuted orders list is comprised of 486 projects in 70 countries, worth a total of 42 billion dollars.
The deal between Terna and Sinohydro includes the participation of the Industrial & Commercial Bank of China (ICBC), one of the world’s largest banks.