BUSINESS

PPC launches process for sale of ADMIE

The governing board of the Public Power Corporation (PPC) started on Thursday the process to seek expressions of interest in the 66 percent stake in the Independent Power Transmission Operator (ADMIE), eagerly anticipated by Italy’s Terna, the State Grid Corporation of China, as well as an American network company and a US fund.

The PPC board was forced to convene via videoconference as some 120 unionists stormed the company’s headquarters in a bid to prevent the scheduled meeting.

The invitation for expressions of interest is open even to investors without experience in the administration of such projects, provided they will commit to conceding the ADMIE management to the Greek state for at least five years. This diverges from the technical criteria that apply for the short-listing of candidates in the tender process, in order to broaden its scope.

The financial criteria dictate that candidates will need to have disposable capital of at least 350 million euros.

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