Last Update: 13:27
The purchase of a 24 percent stake of Greece’s state-owned power grid operator ADMIE by State Grid Corp of China was completed on Wednesday, according to Xinhua news agency.
The 320-million-euro deal is part of Greece’s privatizations project, a bailout program requirement. ADMIE belongs to the Public Power Corporation.
The ADMIE purchase follows similar power transmission investments of the Chinese company in Portugal and Italy. State Grid Corp owns stakes of grids in seven countries and regions. It manages assets worth more than 56.8 billion dollars.
The Chinese corporation outbid companies from Italy and France in October. On completion of the stake transfer, the Chinese company will send in its own management team.
ADMIE and State Grid Corp will also strengthen cooperation in power grid construction, financial investment, grid operation, research and development, and personnel training.