Meridiam Europe IV A SAS, which had replaced Macquarie Super Core Infrastructure Fund a few months ago, is reportedly out of tender for 20% of the special purpose company Ariadne Interconnection SA, which is implementing the Crete-Attica interconnection in a joint venture with Phaethon Monopersonal Holding Company.

THE REASONS FOR THE WITHDRAWAL

Behind the reasons for withdrawal appears to be the issue of the passive shareholder. It will be recalled that the RAΕ decision provides that the investor will have the role of a passive shareholder and thus will not be able to participate in the Ariadne Board. Information suggests that the French potential investors had asked to join the project as active shareholders, if they prevailed, but received a negative response and thus decided to withdraw from the tender. 

NEXT STEPS

This leaves only State Grid International Development Belgium Limited to submit a binding offer by next Friday, July 26, in order to then start the evaluation by ΙPTO, which is expected to be completed in 2024. Ariadne is a 100% subsidiary of IPTO and is the operator of the Attica - Crete electricity interconnection. The electrical interconnection of Crete with the mainland system (Attica) with a transmission capacity of 1 GW, using direct current (DC) technology, will enter into commercial operation in 2025.  The project's construction phase is almost complete, and late 2024 will see the cable laying after the cabling and erection of the outdoor equipment.