Greece's IPTO recommends a subsidiary SPV for the potential entry of Cyprus in the EuroAsia project
10:42 - 14 November 2023
The Independent Power Transmission Operator of Greece (IPTO) intends to establish a subsidiary Special Purpose Vehicle (SPV) to facilitate the potential entry of the Republic of Cyprus and other potential investors into the electrical interconnection project between Greece, Cyprus, and Israel (EuroAsia Interconnector).
The IPTO, the project's manager, made the announcement after a meeting between the Minister of Energy, Commerce, and Industry of Cyprus, Georgios Papanastasiou, and the Greek Deputy Minister of Environment and Energy, Alexandra Sdoukou, where 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 that 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 on 10 November 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 electrical interconnection project between Greece (Crete), Cyprus, and Israel.
During the 10 November meeting on the sidelines of the Cyprus-Greece Intergovernmental Summit, Papanastasiou and Sdoukou discussed, among other things, 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 the intention to establish a Special Purpose Vehicle (SPV) subsidiary to facilitate Cyprus's potential entry and other investors into the project. On his part, Manousakis updated the ministers on ongoing discussions and interest from various stakeholders.
Technical issues related to the funding of the Crete-Cyprus interconnection from the European "Connecting Europe Facility" (CEF) were also discussed. An amount of 657 million euros 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.