Terna in Strategic Partnership Relating to the Construction of the Italy-Montenegro Undersea Electricity Interconnection

Cleary Gottlieb represented Terna in the strategic partnership with the Montenegrin transmission system operator Crnogorski Elektroprenosni System (“CGES”) and the State of Montenegro for the development of a new undersea electricity interconnection, the first “electricity bridge” with the Balkan countries, for a total investment of nearly €760 million by Terna and €100 million by CGES.

The final agreement, signed on November 23, also establishes the acquisition by Terna of a 22% stake in CGES.

Terna is an Italy-based listed energy transmission grid operator. The company is the primary owner of the Italian national high voltage electricity transmission grid.