ADMIE, the Independent Power Transmission Operator, on Thursday announced plans to invest more than 2.1 billion euros on a project for the electricity interconnection of the Cyclades islands and Crete with the country's main grid.

The plan, presented during ADMIE's first general shareholders' meeting, envisages investments of 324 million euros for completion of the so-called small interconnection (Chania-Peloponnese) by 2022 and another 1.0 billion euros for the big interconnection (Attica-Heraklion).

In the Cyclades, ADMIE plans to invest 424 million euros for the first three phases of the project to be completed by 2020 and another 386 million for the fourth phase by 2024. Another 200 million euros will be invested for upgrading existing networks in the Peloponnese.

ADMIE reported net profits of 61.7 million euros in 2017, after losses of 2.7 million in 2016 and expects a further improvement in its 2018 results. Its business plan envisages net profits of 85 million euros and EBITDA of 220 million euros by 2021. The company plans to distribute at least 50 pct of its net profits as dividend to shareholders. The shareholders' meeting approved a board plan for a share buyback programme of up to 1.0 pct of the equity capital at a price range of 1-10 euros.