China’s State Grid seals Greek power deal

Wikimedia/ User Sandpiper

Shanghai Daily — State Grid Corp of China, the China’s biggest utility, said yesterday that it had completed purchase of a 24 percent stake in Greek power grid operator ADMIE.

The 320-million-euro deal marks another major investment by State Grid in Europe after buying stakes in companies in Portugal and Italy.

ADMIE is owned by Greece’s Public Power Corp, which owns, runs and maintains the transmission network across Greece. The network, which is integrated with grids in many other European countries, is a key transmission corridor in southern Europe.

Beating bidders from Italy and France, State Grid won the tender in October. On completion of the stake transfer, State Grid will send in its own management team.

The two companies will also strengthen cooperation in power grid construction, financial investment, grid operation, research and development, and personnel training.

State Grid owns stakes of grids in seven countries and regions. It manages assets worth more than 65 billion euro.