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(Bloomberg) — Greek power grid operator IPTO will use a coming €1 billion capital increase to advance major domestic and international projects, Chairman and Chief Executive Officer Manousos Manousakis said.
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IPTO, known by its Greek initials as Admie, said on Friday it had received a letter from Energy Minister Stavros Papastavrou asking the company to begin the process of selling new shares. Each shareholder will participate in proportion to its current holding, the company said.
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The Greek state has a 51% stake in IPTO and China’s State Grid has a 24% stake.
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The increase “creates a secure environment for the implementation of new major projects prioritized by IPTO and are pivotal for the energy architecture of Greece and the European Union,” Manousakis told Bloomberg News.
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One of IPTO’s big projects is to link islands in the east and north Aegean Sea to the Greek mainland, with remaining capex requirements at €4.2 billion. The company is also working on a project for a second interconnection with Italy, valued at €2 billion, and a €1.9 billion project for a power cable linking Israel, Cyprus and Greece.
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Energy has not only an economic dimension, but a geopolitical and a national security one, Papastavrou said in an interview Friday with Real FM radio. The reinforcement and the support of the electricity transmission network “has to do with a decision of a strategic nature,” Papastavrou said.
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The funding that will be secured from the capital increase will also be used to advance projects for the development of the mainland grid, and supports critical investments aimed at enhancing the physical and digital resilience of the grid, Manousakis said.
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