ADMIE to concede stake in Ariadne
State grid operator ADMIE intends to concede up to 39 percent of its special purpose vehicle Ariadne, created to undertake the power interconnection between Crete and Attica. The stake will be sold to third-party investors, with priority to be granted to certified power transmission operators from fellow European Union states.
ADMIE on Thursday sent the relevant invitation of expressions of interest to the Regulatory Authority for Energy for approval, along with the updated data on the interconnection project, so that they can be factored into the Ariadne fundamentals. The Crete-Attica power linkup has a budget of 1 billion euros and will be financed by own and borrowed funds.
The tender will be conducted in two stages, with the candidates short-listed in the first advancing to the phase of binding bids. The preferred bidder will be selected based on the lowest internal rate of return (IRR).
