Greece’s power utility PPC (DEHr.AT) confirmed on Sunday it has received two binding bids for a 24 percent stake in power grid operator ADMIE.
The terms of Greece’s international bailout require PPC, which is 51 percent state-owned, to either sell its stake in ADMIE or fully privatize the grid by next year.
PPC said it was examining bids submitted by the Italian power grid Terna (TRN.MI) jointly with infrastructure fund F2i and by China’s State Grid International Development STGRD.UL.
The deadline for the submission of bids expired on Friday. An energy ministry source told Reuters on Friday that PPC had received two bids for ADMIE.
French power grid operator RTE, a unit of state-owned utility EDF, (EDF.PA) which was initially among the short-listed investors, had not made a bid.
Under a timetable approved by parliament, a preferred bidder for ADMIE has to be chosen by Oct. 31 and the deal is expected to be concluded in the first three months of 2017.
(Reporting by Renee Maltezou; Editing by Ruth Pitchford).
