The company “ADMIE (IPTO) HOLDING S.A.” (or “Company”), informs that its Affiliate, IPTO S.A., announces the successful completion of the tender process for a milestone project in the history of underwater cable power interconnections worldwide. The submarine cable between Crete and the Peloponnese is now entering the phase of implementation, setting the highest standards for such interconnections at global level.
The completion of the evaluation of the technical and economic files in record time (2 months) for such projects is a success for IPTO S.A. and ensures the timely completion of one more project of national importance with beneficial consequences for the reliable energy supply of Crete.
The most experienced companies in underwater cable interconnection projects participated in the tender. The Crete-Peloponnese interconnection is the longest submarine-underground AC cable interconnection in the world (134 km submarine and 42 km underground sections). The maximum depth of cables laid along the underwater route (950 m) places this project at the top of the most demanding electrification projects internationally. The technical complexity of the project and the particular characteristics of both cable technology and installation methods demonstrate the capability of IPTO S.A. to implement projects that are pioneering in the field of electricity transmission.
The process leading to the selection of the successful bidder has functioned on the base of electronic auctioning, an innovative and transparent way of bidding that led to significant benefits within a sound context of competition among the candidate companies.
- FULGOR has undertaken the first (Western) submarine interconnection Peloponnese-Crete and the underground interconnections in the Peloponnese for a total consideration of € 140.2 million
- PRYSMIAN Powerlink has undertaken the second (Eastern) submarine interconnection for a total consideration of € 125.9 million
- HELLENIC CABLES has undertaken the underground interconnections in Crete within the Peloponnese-Crete interconnection project for a total consideration of € 41.09million
As noted by the Chairman and Chief Executive of IPTO S.A. M. Manousakis “The interconnection of Crete has begun and its timely completion in 2020 will contribute decisively to the reliable energy supply of the Island through the interconnections that are now at the heart of our strategy. Following this development and in conjunction with the Crete-Attica “Great Interconnection”, recently awarded and implemented through our Ariadne Interconnection affiliate, we are proceeding with our ambitious investment program, providing Greek consumers with the economic, environmental and social benefits offered by state of the art interconnections”.
The Chairman of ADMIE Holding S.A., Iason Rousopoulos, highlighted the crucial importance of the timely and successful completion of the tender process of the interconnection Crete – Peloponnese. This project not only puts an end to the electrical isolation of Crete from the mainland electricity transmission system to the benefit of all citizens and consumers, but also confirms to our shareholders the commitment into achieving our goals and targets.
This announcement is issued as a Regulated Information, in accordance with Law 3556/2007 as in force and Regulation No 596/2014 of the European Parliament and of the Council on market abuse.
Athens, September 24th, 2018