A tender to offer one or two prospective partners minority stakes in Ariade Interconnector, the SPV established by power grid operator IPTO for the development of the Athens-Crete electricity grid interconnection, is expected to be staged within the first few months of 2020.
Both the energy minister Costis Hatzidakis and IPTO chief executive Manos Manousakis anticipate common ground will soon be found with RAE, the Regulatory Authority for Energy, to enable the tender to go ahead.
State Grid Corp of China (SGCC) appears willing to participate in the tender. The Chinese company, already holding a 24 percent stake of IPTO, has expressed interest to acquire 20 percent of Ariadne. A related memorandum guaranteeing SGCC’s involvement, has been signed between SGCC and IPTO.
If SGCC’s interest in Ariadne is limited to 20 percent, then a second package, most probably offering an additional 19 percent, will be offered to investors for a total of 39 percent.
This is the Ariadne Interconnector stake that had been planned for EuroAsia, a consortium of Cypriot interests that has opposed IPTO’s decision to appoint Ariadne, a subsidiary firm, as project promoter of the Athens-Crete electricity grid interconnection.
Euroasia, heading a consortium formed for a wider PCI-status interconnection project to link the Greek, Cypriot and Israeli grids, has sought control of the Crete-Athens segment’s development.
If SGCC expresses an interest for an Ariadne stake bigger than 20 percent, then just one package offering 39 percent will be offered through a tender.
IPTO is determined to keep a majority stake in its subsidiary Ariadne as the operator wants to maintain control over the construction stage of the Athens-Crete link, to be managed by the operator once launched.
Investors, especially from abroad, are expected to show strong interest in Ariadne.
The IPTO administration is also looking to offer minority stakes to investors in other projects it is developing. This would secure further financing support and swifter completion.