Greek Power Grid Operator Seeks Chinese Funding

Greece‘s power grid operator ADMIE has signed a non-binding agreement with China Development Bank as it looks for fresh capital to finance infrastructure projects.

State-controlled ADMIE and China Development Bank signed a memorandum of understanding, aiming to help the Greek operator to gain access to fresh credit, ADMIE said on Friday.

China’s State Grid, the world’s largest utility, acquired a 24% stake in ADMIE earlier this year as part of a spin-off scheme under Greece‘s latest international bailout, aimed at opening up the power market.

Greece hopes State Grid will help ADMIE with a 2 billion euro 10-year investment plan, which includes connecting the island of Crete to the mainland’s grid via undersea cables.

Chinese investments in Greece have been on the rise in the last few years, causing sporadic concern among the country’s EU partners that China is taking advantage of the Greek financial crisis to grow its business in Europe.

Source: Reuters