ADMIE Participations, with its announcement, informs that the ADMIE SA Group proceeded yesterday, August 3, 2022, to publish an Invitation to submit an Expression of Interest (IEoI) in the context of the disposal through a competitive process, of a minority share (20 %) of the share capital of the special purpose vehicle “Electric Interconnection Crete-Attica Ariadne Single Member Special Purpose Société Anonyme” with distinctive title “Ariadne Interconnection SPSA” (Ariadne).
Ariadni, which was founded in 2018 as a 100% subsidiary of ADMIE, has been selected by the Energy Regulatory Authority (RAE) as the implementing body for the construction and financing of the Crete-Attica electricity interconnection. The electricity interconnection of Crete-Attica is a direct voltage interconnection (DC link) which consists of two (2) submarine cables with a total length of 335 km, two (2) underground cables with a total length of 43 km, as well as other fixed (other electrodes, electricity conversion stations in Attica and Crete, as well as optical fiber cables of the same total length).
The construction of the electrical interconnection is in full progress and is expected to be completed in 2024. The ADMIE Group, which currently owns 100% of Ariadne’s share capital, intends, through the tender process, to dispose of existing shares which correspond to 20% of Ariadne’s share capital. The Call for Expression of Interest is posted on the website of ADMIE SA and those interested can submit their Expression of Interest (EoI) no later than September 28, 2022. The tender process consists of two (2) phases, as follows :
– The pre-selection phase (A’ phase) during which interested investors are invited to express their interest and document that they meet all the criteria described in the Call for Expression of Interest in order to participate in the tender process
– The phase of submitting binding offers (Phase B) during which the selected investors will be invited to submit binding offers. Phase B is expected to last 3-4 months, approximately.
The National Bank of Greece S.A. acts as financial advisor and Norton Rose Fullbright Greece as legal advisor to ADMIE S.A.
Source: Capital
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