ADMIE turns to China for fresh funding


Greece’s power grid operator ADMIE has signed a nonbinding agreement with China Development Bank as it looks for fresh capital to finance infrastructure projects.

State-controlled ADMIE and China Development Bank have signed a memorandum of understanding, aiming to help the Greek operator to gain access to fresh credit, ADMIE said on Friday.

China’s State Grid, the world’s biggest utility, acquired a 24 percent stake in ADMIE earlier this year as part of a spin-off scheme under Greece’s latest international bailout, aimed at opening up the power market.

Greece hopes State Grid will help ADMIE with a 2-billion-euro 10-year investment plan, which includes connecting the island of Crete to the mainland’s grid via undersea cables.

China has been investing in Greece in recent years, aiming to turn the country into a hub for growing business with Europe.