Greece’s Public Power Corporation has agreed to sell a minority stake in the country’s Independent Power Transmission Operator (IPTO) to China’s State Grid.
The sale of PPC’s 100 per cent stake in IPTO is a requirement of Greece’s 2015 bailout deal with the International Monetary Fund (IMF). State Grid will purchase a 24 per cent share in the network firm for €320 million, PPC announced.
PPC said that State Grid’s bid was the highest offer in the tendering process. It added that its shareholders will meet on 24 November 2016 to vote on the deal.