IPTO kicks off €1B capital raise process

The book-building process for both Greek and international investors will open on June 16 and will remain open for three days, while the Hellenic Republic and China’s State Grid, the two principal shareholders of the Independent Power Transmission Operator (IPTO), have already exercised their pre-emption rights, ensuring the maintenance of public control over the company.

In statements to the Athens-Macedonian News Agency (AMNA), IPTO Chairman and CEO Manos Manousakis described the capital increase as the starting point of a new investment cycle that will strengthen Greece’s energy transition.

As he noted, the capital injection will enable the acceleration of strategically important projects, such as the electrical interconnections of the Dodecanese islands, the North Aegean islands, and the second Greece–Italy interconnection (GRITA 2).

Particular emphasis is placed on the Dodecanese interconnection project, with a total budget exceeding €2 billion, which includes extensive subsea cable systems linking Corinth with Kos, and subsequently Kos with Rhodes and Rhodes with Karpathos.

At the same time, work is progressing on the North Aegean interconnection project, with a total contract value exceeding €2 billion. The project involves connecting Limnos, Lesvos, Chios, Samos, and Skyros to the mainland electricity system through new subsea cables and modern high-voltage substations.

IPTO has already completed significant projects in recent years, including the two major interconnections of Crete with the mainland system and the second Greece–Bulgaria interconnection, while the final phase of the Cyclades interconnection is expected to be completed in 2026.

The operator’s management estimates that the new projects will strengthen the country’s energy security, reduce electricity generation costs on non-interconnected islands, and facilitate greater penetration of renewable energy sources into the national power system.