ADMIE signs 199-mln-euro loan agreement with Bank of China, ICBC

ADMIE – Greece’s Independent Power Transmission Operator – on Friday announced the signing of a loan contract worth 199 million euros with Bank of China (Luxembourg) and Industrial and Commercial Bank of China Ltd.

The five-year loan has a one-year gratis period and carries an annual basic loan margin of 2.4 pct, while it is not secured and does not carry a state guarantee.

In an announcement, ADMIE said that the loan contract has an obvious beneficial impact on the company’s financial profile and creates more favourable funding terms for its investment programme worth 1.0 billion euros by 2021.

Manos Manousakis, chairman and CEO in ADMIE, said: “The loan is a vote of confidence by two of the largest financial institutions in the world to the company and opens new funding lines. It will become a benchmark for loan cost and reflects an improvement of outlook, not only of ADMIE but of the Greek economy in general. It is also a clear example of the benefits resulting from the presence of State Grid Corporation of China as a strategic investor in ADMIE and leads to an acceleration of big projects such as the interconnections of the Cyclades islands and Crete”.

ADMIE also announced that in the framework of refinancing an existing syndicated loan worth 337 million euros, maturing in November 2021, the company repaid the sum of 100 million euros.