The strategic agreement for the sale of 20% of Ariadne Interconnection’s shares — the entity responsible for the Crete-Attica electricity interconnection — to State Grid International Development (SGID) was officially signed by IPTO.
The ceremony was attended by several key figures, including the President and CEO of IPTO, Manos Manousakis, and the President of SGID, Yu Jun. The event also saw the participation of the Secretary General of Energy and Mineral Resources from the Ministry of Energy, Aristotelis Aivaliotis; the Chinese Ambassador to Greece, Fang Qiu; and Jin Wei, Executive Vice President of State Grid Corporation of China. Senior executives from IPTO, IPTO Holdings, and State Grid were also present, marking the beginning of a new chapter in energy sector cooperation.
In his opening remarks, Aristotelis Aivaliotis highlighted the significance of the collaboration between IPTO and State Grid, emphasizing the crucial role of electrical interconnections in Greece’s energy transformation. “Greece aims to become a major energy hub, and electricity interconnections will be pivotal in this process. The State welcomes this new cooperation with China, and supports IPTO in the essential projects it is undertaking for the country,” he stated.
Manos Manousakis, for his part, underscored that State Grid International Development’s entry into Ariadne Interconnection’s shareholder structure represents a strong vote of confidence in both IPTO and the Crete-Attica project. “IPTO has proven to be a modern, outward-facing European operator with high expertise and an ambitious strategy. Our investments focus on accelerating the energy transition and positioning Greece as a key infrastructure hub at the crossroads of Europe, Africa, and Asia. Strategic partnerships, such as the one with State Grid Corporation of China — the operator of the world’s largest electricity transmission system — are integral to realizing this vision. I am confident that State Grid’s investment will strengthen the development prospects of Ariadne Interconnection, which is implementing Greece’s largest island interconnection to date,” he remarked.
Regarding the project's progress, Manousakis confirmed that the construction of the Crete-Attica interconnection is scheduled for completion by the end of the year, with test electrification to follow, and commercial operations expected to begin in the summer of 2025.
Jin Wei, Executive Vice President of State Grid Corporation of China, expressed his satisfaction with the ongoing and fruitful collaboration between the two companies. “State Grid Corporation, the world’s largest utility, is committed to driving green transformation by accelerating the development of new energy systems and infrastructure. Since June 2017, we have forged a strong partnership with IPTO, based on mutual trust and benefit, supporting the modernization and green transformation of Greece’s electricity grid. The Crete-Attica interconnection plays a crucial role in Greece’s energy transition, providing stable, clean electricity to Crete and reducing its reliance on fossil fuels,” he noted.
Zhu Guangchao, Vice President of State Grid Corporation of China, emphasized that this collaboration would not have been possible without the support of the Greek Ministry of Environment and Energy and the Chinese Embassy in Greece. “State Grid Corporation has always adhered to principles of constructive dialogue and active engagement, supporting safe, stable, and sustainable development. Through our investment in Ariadne Interconnection’s share capital, we are deepening our practical cooperation in the energy sector between China and Greece. In strict adherence to EU and Greek legal frameworks, we look forward to continuing our close collaboration with IPTO to ensure the safe and efficient operation of this important project.
