China State Grid Acquires 20% Stake in Ariadne Interconnection

Deal News | Nov 28, 2024 | CEE Legal Matters

China State Grid Acquires 20% Stake in Ariadne Interconnection

Bernitsas Law Firm has successfully advised China State Grid on its acquisition of a 20% stake in Ariadne Interconnection, a subsidiary of Greece's Independent Power Transmission Operator (IPTO). This subsidiary is tasked with implementing the critical electricity interconnection project between Attica and Crete, which involves two submarine cables that collectively span 335 kilometers and have a transmission capacity of 1,000 megawatts. These cables are noted for being laid at record depths of 1,200 meters in the Aegean seabed. The acquisition underscores China State Grid's strategic position with IPTO, a relationship that dates back to 2017. The Bernitsas advisory team, comprising a partner, counsel, and two associates, facilitated this transaction, yet declined to comment further on the details.

Sectors

  • Energy
  • Legal Services

Geography

  • Greece – The acquisition involves entities and infrastructure in Greece, specifically the transmission project between Attica and Crete.
  • China – China State Grid, a key participant in the transaction, is a Chinese company.

Industry

  • Energy – The article discusses the acquisition of a stake in Ariadne Interconnection, which is responsible for a major electricity infrastructure project.
  • Legal Services – Bernitsas, a law firm, advised China State Grid on the transaction, indicating the involvement of legal advisory services in the deal.

Financials

  • 20% Stake – The share in Ariadne Interconnection acquired by China State Grid.

Participants

NameRoleTypeDescription
China State GridBidding CompanyCompanyA Chinese state-owned enterprise that has been a strategic investor in Greece's IPTO since 2017.
Ariadne InterconnectionTarget CompanyCompanyA subsidiary of Greece's IPTO responsible for the electricity interconnection project between Attica and Crete.
BernitsasLegal AdvisorCompanyA law firm that advised China State Grid on the acquisition.
Independent Power Transmission Operator (IPTO)Parent CompanyCompanyThe parent company of Ariadne Interconnection, overseeing power transmission in Greece.