Greece IPTO proposes subsidiary for Cyprus’ entry into EuroAsia

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The Independent Power Transmission Operator of Greece (IPTO) intends to establish a subsidiary Special Purpose Vehicle (SPV) to facilitate the potential entry of the government and other potential investors into the electricity link between Greece, Cyprus, and Israel (EuroAsia Interconnector).

The IPTO, the new project manager, announced after a meeting between the Minister of Energy, George Papanastasiou, and the Greek Deputy Minister of Environment and Energy, Alexandra Sdoukou.

They discussed coordination between the energy ministries of Cyprus and Greece and other stakeholders for expediting the implementation of the Greece-Cyprus-Israel electrical interconnection.

EuroAsia Interconnector Limited, Project Promoter of the European Project of Common Interest (PCI 3.10) and the Independent Power Transmission Operator of Greece (IPTO) announced in October they had reached an agreement for the designation of IPTO as the Implementing Entity and Project Promoter of the Electrical Interconnection project between Greece, Cyprus, and Israel.

The meeting, which took place last Friday during the Cyprus-Greece Intergovernmental Summit, also included Manos Manousakis, the Chief Executive Officer of the IPTO.

Manousakis recently assumed the role of the implementing agency for the interconnection project.

During the Cyprus-Greece Intergovernmental Summit, Papanastasiou and Sdoukou discussed the actions needed to complete the regulatory framework for the project to proceed smoothly.

They also documented the steps required for transferring licenses to the new project promoter.

The IPTO informed the ministers about establishing a Special Purpose Vehicle (SPV) subsidiary to facilitate Cyprus’ potential entry and other investors into the project.

Manousakis updated the ministers on ongoing discussions and interest from various stakeholders.

Technical issues related to funding the Crete-Cyprus interconnection from the European “Connecting Europe Facility” (CEF) were also discussed.

Some €657 mln has been allocated to ensure the progress of discussions with the European Union’s competent body, CINEA, aimed at expediting the disbursement of advances for the project within the current year. (source CNA)