On November 20 local time, State Grid and the Independent Power Transmission Operator (IPTO) signed a share purchase agreement to acquire a 20% stake in Ariadne Interconnection S.P.S.A., a subsidiary of IPTO and the implementation vehicle for the Crete-Attica electricity interconnection project.

The Crete-Attica electricity interconnection project, is one of the highest-voltage VSC-HVDC submarine cable projects currently underway, and ranks among the top three globally in terms of ocean depth. With a voltage of ±500 kV and a total length of 380 kilometers, the project is scheduled to begin operation in June 2025. Upon completion, it will establish a robust power grid link between Crete, Greece's largest island, and mainland Europe, forming a major power interconnection between Greece and its neighboring countries. This project is expected to play a pivotal role in Greece's ambition to become an energy hub in Southeast Europe.

At the signing ceremony, Mr. Aristotelis Aivaliotis, Secretary General of Greece's Ministry of Environment and Energy, highlighted that the project will further enhance Greece's secure and stable power supply. He hoped that both Greece and China would further leverage their strengths to invigorate their pragmatic cooperation. Mr. Fang Qiu, Ambassador of the People's Republic of China to the Hellenic Republic, stated that China and Greece are close partners in high-quality BRI cooperation, and this project marks another milestone in the win-win collaboration of the two nations.

In November 2019, in the presence of the leaders of both nations, State Grid and IPTO signed an expression of interest agreement for equity investment in Ariadne Interconnection. Earlier this year, State Grid was chosen as the preferred partner following a competitive open market tender process.