China's State Grid inks deal for purchase of stake in Greek power grid operator

ATHENS - The 320 milion euro ($334 million) agreement for the transfer of a 24-percent stake in the Greek power grid operator ADMIE from Greece's Public Power Corporation (PPC) to China's State Grid International Development (SGID) was signed here on Friday.

The Chinese company won an international tender in October 2016 and the complex sale process was completed in record time, PPC chairman and CEO Manolis Panagiotakis noted during the signing ceremony.

Greek environment and energy minister Giorgos Stathakis celebrated the deal's having moved one step further, cementing the close economic relations between Greece and China, Greek national news agency AMNA reported.

Addressing the event, Greek officials welcomed the "strategic partnership", stressing that Chinese investors had once again cast a vote of confidence in the prospects of the company and in Greece.

ADMIE has major technological potential, an excellent workforce and plans to expand its network, Panagiotakis said.

In early 2017, a PPC shareholders' meeting will form the "Public Holding Company ADMIE" to which the operator's shares will be transferred.

At the end of the process, the Greek state will own 51 percent of ADMIE shares, SGID 24 percent, and other investors the remaining 25 percent.