Norton Rose Fulbright Advises IPTO on €62 Million Strategic Stake Sale in Ariadne Interconnection to State Grid

Global law firm Norton Rose Fulbright has advised Independent Power Transmission Operator S.A. (IPTO) on the successful €62 million sale of a 20 percent equity stake in its subsidiary, Ariadne Interconnection, to State Grid International Development Belgium Ltd.

Ariadne Interconnection is the special purpose vehicle responsible for delivering the Attica–Crete electricity interconnection - a €1 billion project that stands as one of the largest and most technologically advanced energy infrastructure projects ever completed in Greece and the broader Eastern Mediterranean region.

This landmark project involves the installation of a high-voltage direct current (HVDC) subsea cable system, stretching approximately 335 kilometers and reaching depths of over 1,200 meters. It not only ensures the long-term energy security and grid stability of Crete, but also significantly enhances Greece’s role as a regional energy hub, reinforcing the country’s geopolitical importance in the Eastern Mediterranean region.

The Norton Rose Fulbright team advising IPTO was led by Athens partner Vassilis Koroxenidis, with key contributions from senior associate Dr. Dr. Sergios Karotsieris.

The team advised IPTO from the outset, providing comprehensive legal support throughout the tender and transaction lifecycle. It drafted and structured the full suite of tender documentation; advised on intricate energy regulatory and corporate law matters; supported the setup and operation of the Virtual Data Room (VDR); liaised with the Greek Regulatory Authority for Energy, Waste and Water (RAEWW); reviewed and evaluated Expressions of Interest and supporting documentation; and drafted and negotiated all transaction documents, including the Share Purchase Agreement and Shareholders Agreement.

Norton Rose Fulbright also advised IPTO on the concession agreement that underpins Ariadne Interconnection’s mandate to implement the project - an agreement that forms the legal and operational backbone of this transformative infrastructure initiative.

Vassilis Koroxenidis commented:

“We were very pleased to have supported our client, IPTO, on its sale of a 20 percent equity stake in Ariadne Interconnection. The project proved to be legally complex, involving multiple layers of regulatory, corporate, and contractual challenges that required deep sectoral proficiency and strategic foresight.

“Our work on this transaction not only reflects the breadth of our energy and infrastructure offering, but also underscores our ability to deliver on high-stakes, cross-border projects central to the future of energy in Europe and beyond.”

Norton Rose Fulbright’s combined team of over 1,300 lawyers - across all practice areas - is one of the largest and most prolific energy, infrastructure and natural resources teams of any law firm in the world. The firm’s work in this area has been at the heart of many of the world’s leading energy and infrastructure projects, including innovative and first-to-market transactions across a variety of sectors.