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ADMIE signs funding agreement with China Development Bank

03 November 17 - RE+D Magazine
ADMIE signs funding agreement with China Development Bank

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ADMIE, Greece's Independent Power Transmission Operator, and China Development Bank (CDB) signed a memorandum of cooperation for the funding of ADMIE.

 

The memorandum was signed in the framework of a Greece-China working group meeting on Thursday, as part of a three-year Economic Cooperation Action Plan agreed last May during the Greek prime minister's official visit to Beijing.

Jizhe Ning, China's National Development and Reform Commission Vice-president, visited ADMIE's offices on Thursday and was briefed by the management over the course of cooperation with State Grid on the development of an energy interconnection for the Cyclades islands and Crete with the country's electricity grid and plans for new interconnections.

Ning said that, as Greece was returning to growth course, an expected increase in electricity consumption by industrial units will enhance ADMIE's position.

State Grid of China purchased a 24 pct stake in ADMIE's equity capital last June for 320 million euros, the second largest Chinese investment in Greece after Cosco purchased 51 pct in Piraeus Port Authority.

Manos Manousakis, chairman and CEO in ADMIE, commenting on the agreement, said that a strategic partnership with State Grid "was a clear example of implementing a development collaboration between Greece and China, which will lead to an acceleration and technological upgrading of new interconnections and boost extroversion of the company as it sought more international interconnections".

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