Home News Greek utility PPC launches tender for grid unit stake

Greek utility PPC launches tender for grid unit stake

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ATHENS – Greek power utility PPC on Tuesday launched a tender to sell a 24 percent stake in grid unit ADMIE in line with terms of the country’s third international bailout.

Non-binding expressions of interest are due by July 26 and must come from either a European transmission operator or joint venture with a grid operator, PPC said.

Under Greece’s bailout approved last August, PPC, which is 51-percent owned by the state, must either sell a minority stake in ADMIE or fully privatise the grid by next year.

Greece will need to name a preferred bidder by November and conclude the sale by early next year.

PPC shareholders approved the ADMIE stake sale plan on Monday.

The sale is part of a series of steps Greece must take by September to qualify for fresh loans from its creditors, the European Union and the International Monetary Fund.

Greece’s energy minister said last month that the country’s had been approached by three parties interested in buying a stake in ADMIE.

The sale of the grid of more than 11,000 km (7,000 miles) high-voltage power cables is also part of a creditor-mandated drive to curb PPC’s dominance of in the retail market.

PPC’s market share is expected to fall below 50 percent by 2020 from about 92 percent at the end of March.

HSBC Bank, Citigroup and NBG Securities will act as financial advisors.(Reuters)

 

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