State Grid Signs Agreement with IPTO to Boost China-Greece Energy Cooperation

State Grid Signs Agreement with IPTO to Boost China-Greece Energy Cooperation

In the presence of Chinese President Xi Jinping and Greek Prime Minister Kyriakos Mitsotakis, Kou Wei, Executive Chairman of State Grid and Manos Manousakis, Chairman and CEO of Independent Power Transmission Operator (IPTO) signed the Agreement for the Expression of Interest to Invest in Ariadne Interconnection on November 11 local time in Greece. The aim is to enhance connectivity of energy infrastructure, deepen bilateral pragmatic cooperation in the energy sector, and follow up on the "Belt and Road" Initiative.

With strong support from the Chinese and Greek governments, State Grid acquired a 24% stake of IPTO in June 2017 and has since been its major long-term investor. State Grid adheres to the principle of "extensive consultation, joint contribution and shared benefits" in its in-depth cooperation with Greek partners. It works with IPTO to improve corporate management and energy supply in the interest of Greece's socioeconomic development. As the largest Greek island capable of independent power generation and supply, Crete has yet to be connected to the grid of Greece’s mainland. To solve such problems as high costs and heavy pollution derived from the island's power generation, IPTO is planning to leverage the +-500 kV VSC-HVDC technology to get Crete connected and thus significantly reduce the cost of electricity, improve the ecological environment and tap the potential of renewable energy. The signing of this Agreement before the Chinese and Greek leaders marks another milestone as it presents new opportunities for State Grid to contribute further to energy infrastructure in Greece. State Grid will continue to take full advantage of its strengths in power grid construction, operation and management, share its knowledge in VSC-HVDC technology and support the project by providing expertise, organizing technical exchanges and personnel training to ensure success of the project.

Manos Manousakis thanked State Grid for its commitment to IPTO and the Ariadne interconnection, and said he would continue to work closely with the Chinese team to ensure the steady operation of IPTO, improve its business performance and stimulate economic, social and environmental development of Greece. It is important to make IPTO a role model for joint endeavors under the Belt and Road framework and deepened China-Greece cooperation in energy infrastructure.