Selection of contractor for the converter stations of the Crete – Attica interconnection

The company IPTO HOLDING S.A. (or “Company”), informs that Ariadne Interconnection, a 100% subsidiary of its affiliate, IPTO Group, announces the successful completion of the tender process for the Converter Stations of the Crete – Attica Interconnection which are awarded to the SIEMENS – TERNA consortium.

After the submission of an improved bid on March 26th 2020, the contract price was set at EUR 370 million, of which EUR 358.6 million relates to the construction of Converter Stations, while the remaining EUR 11.4 million relates to their maintenance. The contract is effective for 36 months and will be signed after approval by the Court of Auditors. The Project will be included in the list of the Operational Program “Competitiveness, Entrepreneurship and Innovation of the NSRF 2014 – 2020.

Τhe tendering procedure for the design, supply and installation of two Converters and a Substation for the DC Electrical Interconnection between Crete and Attica was launched on May 24, 2019. The tender attracted the interest of world leaders in the industry and on November 1, 2019 the GE-NARI-MYTILINAIOS and SIEMENS-TERNA consortiums submitted binding offers. The evaluation of the offers of the consortiums, both of which have a strong technical background and specialized experience in similar projects abroad, took more than four months due to the high technical standards of the Project. The technical evaluation was completed on March 13, 2020 and the offer of the SIEMENS-TERNA consortium qualified, taking into account all relevant issues related to the Interconnection.

As stated by the Chairman of Ariadne Interconnection, Chairman of BoD and CEO of IPTO GROUP, Mr Manos Manousakis: “By 2023, Crete will be fully interconnected to the Hellenic Electricity Transmission System, ensuring stable and reliable power supply to the island. Apart from the economic benefits of the interconnection of Crete for all Greek consumers, through the reduction of utilities bills, the implementation of this project paves the way for the accelerated integration of RES in the island based on the principles of sustainable development.”