The tender for the disposal of a 20% stake in the special purpose company Ariadne Interconnection SA is moving forward, with the aim of having the financial bids submitted by the participating business groups by June 21.

In the second phase of the tender, the consortium of Meridiam Europe IV A SAS, FAETHON Unipersonal Holding Company, and State Grid International Development Belgium Limited will continue.

GEK TERNA S.A. (formerly GEK TERNA Construction Real Estate Holding Company) and Terna S.p.A. do not proceed to the second phase of the tender.

After the submission of the financial offers for the schemes, the evaluation process will start on the part of ADMIE. 

Ariadne Interconnection SA is a 100% subsidiary of ADMIE and is the operator of the Attica-CCrete electricity interconnection. The electrical interconnection of Crete with the continental system (Attica) with a transmission capacity of 1 GW, using direct current (DC) technology, is the largest and most complex electricity transmission project in Greece. 

The project will be finished with construction within the year, and cable installation will take place in late 2024.

The project will enter commercial operation in 2025, marking the lifting of the island's energy isolation and ensuring its energy security, in conjunction with the operation of the smaller interconnection, Crete-Peloponnese.

The electricity interconnection will reduce production costs and improve the environmental footprint and quality of the electricity supplied to the island of Crete.