Crete-Attica interconnection: Who is the new “ally” of Kopelouzos for the 20% – Why did Macquarie leave

A French fund that has already shown interest in acquiring infrastructure in our country, brings the change of “ally” of the Kopelouzos Group in the claim for 20% of Ariadne Interconnection, a subsidiary of ADMIE and implementer of the electricity interconnection Crete-Attica. The reason for Meridiam, which as announced yesterday, takes the place of Macquarie’s Australians in the joint venture scheme with FAETHON (Kopelouzo interests) which is one of the four “suitors” for a minority shareholder in Ariadne.

Meridiam manages more than 125 assets worldwide, with a total value of $20 billion. Claiming 20% ​​of Ariadne is not the first competition in which it participates in Greece, as together with AKTOR Concessions and AVAX had submitted a bid for Attiki Odos.

Also, again with AVAX and the also French Egis, has submitted an offer for the tender for the concession of the central part of the BOAK (Chania – Heraklion section, 157.5 km long). However, participating in the “race” to enter the Crete-Attica implementation body is the first time that the French fund has shown interest in an energy infrastructure in our country.

The French fund was founded in 2005, investing in infrastructure projects in Europe, South America and Africa (motorways, railway networks, ports, health centers, universities). In its energy investments, it focuses on renewable projects, for example participating in the development in Africa of the world’s largest “green” hydrogen production unit.

Macquarie’s exit

FAETHON had already “fallen” with Macquarie from the first phase of the ADMIE competition. The three remaining “suitors” are GEK TERNA, Italy’s TERNA, and China’s State Grid, with all contenders advancing to the second phase of the process and the submission of binding bids.

According to information, a “thorn” for Macquarie was the role of passive shareholder which will be held by whichever investor prevails in the tender. Therefore, given that in all the infrastructures in which it participates around the world, the Australian fund takes part in decision-making, it reassessed the data along the way, ultimately deciding to withdraw from the bid to enter Ariadne.

It is recalled that the role of a passive shareholder for the scheme that will prevail – which will not participate in the Board of Directors of Ariadne and therefore in the management – is foreseen in the approval given by the Regulatory Authority for Waste Energy and Water (RAAEF), for the qualification of all 4 of “suitors” in the second phase and the submission of binding offers.

The interface is complete

The submission of financial offers has been extended until June 21. As the administration of ADMIE has stated, the construction of the Crete-Attica interconnection will be completed at the end of this year, with the aim of being put into operation in the summer of 2025. According to the update of the progress of the implementation of the Operator’s projects, which is included in the financial results for last year, after the laying of all the underwater electrical and optical cables of the interconnection, the onshore part of the interconnection is also progressing at an intensive pace, with the relevant design-construction works by the contractors being in the final stretch.

As for the conversion stations, the installation of the converter transformers has been completed on the Attica side, while most of the equipment has been produced and tested at the contractors’ factories. The foundation work of the buildings at both ends of the interconnector has also been completed and their erection is in progress.

With regard to the progress of the terrestrial cable section, in Attica, the construction of the underground route from the Koumoundourou substation to the sealing point in Pachi is progressing, where approximately 90% of the infrastructure and 70% of the laying of the cables has been completed. In Crete, the progress of the road construction works exceeds 60% while the infrastructure works for the underground cable sections have progressed at a rate of more than 35%.