Three major interconnections will account for the lion’s share of the €1 billion that ADMIE will raise through its upcoming share capital increase, which will finance the €6 billion plan through 2029.
All eyes are on June 11, when the extraordinary General Meeting of the listed ADMIE Holdings will take place, which in turn means that the opening of the book of offers is scheduled for the end of the same month.
The outline of how the company will expand, how its financial results will grow, and how it will shift gears to achieve one of the fastest growth rates in Europe was presented during today’s teleconference with analysts and institutional investors by the head of ADMIE, Manos Manousakis, during today’s teleconference with analysts and institutional investors.
In practice, ADMIE’s €1 billion capital increase, under which ADMIE Holdings is proceeding with a share capital increase of up to €530 million, entails:
- The creation of a financial foundation for one of the most robust growth trajectories of any transmission system operator in Europe.
- Annual profit growth of 25–30% through 2029 for ADMIE, thanks to €6 billion in investments.
- More than doubling of the Regulated Asset Base, which is estimated to reach approximately €7 billion, up from €3.3 billion at the end of 2025.
According to the head of ADMIE, the average annual growth rate of 25%-30% is one of the highest growth rates for a Transmission System Operator in Europe, with these figures being largely assured, as the Operator’s main activities are fully regulated.
The capital raised paves the way for accelerating major island interconnections of national importance in the Dodecanese, the North Aegean, and the second line to Italy, which constitute the heavy artillery in ADMIE’s investment program.
The injection of €1 billion into its coffers, along with the securing of the necessary European funds, is expected to unlock bank financing for the aforementioned cable projects, which have long been behind schedule due to a lack of liquidity.
Referring to the company’s experience in implementing flagship projects, Mr. Manousakis cited the Crete-Attica interconnection as an example, which is the largest and deepest direct-current submarine electrical interconnection.
Regarding the timeline for the capital increase of ADMIE Holdings, the Chairman and CEO of the listed company, Yannis Karabelas, noted that the Extraordinary General Meeting will be held on June 11 and bookbuilding is scheduled for the end of the same month.
The three major projects
Outlining the major projects that will absorb the bulk of the funds in the 2026–2029 investment plan, the presentation to analysts details the following figures:
- The second Greece–Italy power interconnection is expected to become operational in 2033, with remaining investments of approximately €949 million, a length of 300 kilometers, and 400 kV HVDC technology. Essentially, the project will increase cross-border transmission capacity and further integrate the electricity markets.
- The interconnections for the North Aegean and the Dodecanese are expected to be completed in 2030. In the first case, the remaining investment cost is estimated at €1.4 billion, with a total line length of approximately 600 kilometers. Regarding the interconnection of the Dodecanese, this involves an investment of approximately €2.9 billion and lines with a total length of 586 kilometers using 500 kV HVDC technology.
The goal of these projects is to connect the islands to the mainland grid, drastically reducing dependence on oil-fired power plants and enhancing security of supply and decarbonization.