Bernitsas Law advised China State Grid in relation to the acquisition of 20% stake in Ariadne Interconnection, a subsidiary of Greece’s Independent Power Transmission Operator, implementing the electricity interconnection between Attica and Crete.
We advised throughout the entire lifecycle of the transaction, including participation in the tender, transactional, corporate and regulatory requirements, signing and closing of the transaction.
Ariadne Interconnection ranks among the top 5 most innovative interconnection DC projects at a European level. It involves two submarine 500 kV cables, 335 km in length, of a total 1,000 MW transmission capacity, laid in record depths of up to 1,200 meters on the Aegean seabed.
China State Grid is the world's largest public utility company and IPTO’s strategic investor since 2017. The signing of the agreement took place in the presence of the Secretary General for Energy & Mineral Resources, Ministry of Environment & Energy, the Ambassador of the People’s Republic of China to Greece, Fang Qiu, and the Executive Vice President of State Grid Corporation of China.
Partner Yannis Seiradakis and Senior Associate Stella Papakosta led the team advising on this transaction, which also included Counsel Eleni Stazilova and Associate Konstantina Karveli.