15/02/2024
We are glad to announce that our firm advised Saudi Electricity Company (SEC), Saudi Arabia's leading generator and electricity provider, in relation to the formation, through its subsidiary, National Grid S.A., of a strategic partnership with the IPTO-Independent Power Transmission Operator (IPTO). Our firm also advised and assisted with the incorporation of the special purpose company ‘Saudi Greek Interconnection S.A.’ between the two parties with the view to conducting the viability study for the implementation of the Greece - Saudi Arabia electricity interconnection.
The partnership between National Grid and IPTO reflects the strategic cooperation between Greece and Saudi Arabia in the energy sector, which was agreed at the highest level between the two countries in the summer of 2022 and was culminated in the adoption of a shareholders’ agreement in September 2023.
The partnership of the two power transmission operators through 'Saudi Greek Interconnection’ marks a significant step towards the energy transition in Middle East and Europe.
Our team was led by our Partner and Head of Energy Dpt. VALIA APOSTOLOPOULOU, our Senior Counsel Sophia Mavridou and assisted by our Associate Katerina Stathakarou and our Trainee Lawyer Michalis Chatzakis.