Contractualisation of the electrical Ιnterconnection Crete – Peloponnese

The company “ADMIE (IPTO) HOLDING S.A.” (or “Company”), informs that its Affiliate, IPTO S.A., announced that a crucial step in securing the long energy supply of Crete was taken on Tuesday 27th of November, the day the contracts for the electrical interconnection between Crete and the Peloponnese were signed. The signing ceremony took place at the Municipality of Kissamos Town Hall, in the presence of the Minister of Environment and Energy, Giorgos Stathakis, representatives of the local authorities of Crete and the management of the companies that were selected as tenderers for the individual projects of the interconnection.

The Chairman and Chief Executive of IPTO S.A. M. Manousakis noted that the electrical interconnection between Crete and the Peloponnese is the longest submarine and underground cable interconnection in the world (total length 174 km) with a maximum depth of cable laying of approximately 1000 meters. “This is a milestone project that marks the transformation of IPTO S.A. not only into a company which has the island connections in its epicentre but also into a company at the cutting edge of technology”.

Mr Manoussakis underlined that the project – the commissioning of which is expected by the end of the first half of 2020 – will be financed by the European Regional Development Fund and national funds under the NSRF 2014-2020 and funded by the European Investment Bank. Finally, he stressed that the Crete-Peloponnese Interconnection in conjunction with the Crete – Attica Interconnection, implemented by Ariadne Interconnection, guarantees Crete’s energy supply for the next decades.

The contracts were signed between:
1. IPTO S.A. and Fulgor for the first (Western) of the two submarine interconnections of Crete – Peloponnese and the underground connections in the Peloponnese for a total consideration of €140.2million.
2. IPTO S.A. and Prysmian Powerlink for the second (Eastern) submarine interconnection of Crete-Peloponnese for a total consideration of €125.9 million. The Managing Director Mr. Hakan Osmen signed the contract on behalf of Prysmian.
3.IPTO S.A. and Hellenic Cables for the underground interconnections in Crete within the Peloponnese-Crete interconnection for a total consideration of €41,09 million. The Hellenic Cables Group was represented by the General Manager Mr. Alexis Alexiou
4. IPTO S.A. and TERNA for the construction of the new Substation in the South East Peloponnese, the upgrading and extension of the existing substation in the Chania area in Crete for a total consideration of €18.5 million. TERNA was represented by the Executive Director Mr. Giorgos Perdikaris.

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, November 28th, 2018