The Cypriot State’s entry into Greek power grid operator IPTO’s Great Sea Interconnector subsidiary formed for the development of a Greece-Cyprus-Israel electricity interconnection is considered certain following positive high-level talks held last week in Cyprus.
An IPTO team led by CEO Manos Manousakis discussed the project with Cyprus’ president Nikos Christodoulides, joined by the administration’s energy minister Giorgos Papanastasiou. The IPTO team also met with Cyprus’ regulatory authority for energy.
It is now considered just a matter of time before the finalized results of a feasibility study conducted on behalf of the Cypriot State are delivered. The study is expected to give the green light for a final investment decision.
The Cypriot State is expected to enter the Great Sea Interconnector subsidiary with an initial sum of 100 million euros from the Recovery and Resilience Facility (RRF).
IPTO is also expected to hold talks with two other prospective Great Sea Interconnector entrants, Israeli fund Aluma, and TAQA, the Abu Dhabi National Energy Company, for their participation in the project, budgeted at 1.9 billion euros, with 657 million euros secured through the Connecting Europe Facility.
The consortium could feature the three aforementioned participants along with IPTO, but it is still too early to tell if this could result in respective 25 percent stakes for all four.
