All four first-round entrants in a tender offering a 20 percent stake in Ariadne Interconnection, a subsidiary founded by power grid operator IPTO to specifically develop the Crete-Athens grid interconnection, have qualified for the procedure’s next stage following approval by RAE, the Regulatory Authority for Energy.

GEK-TERNA; a partnership involving Macquarie Super Core Infrastructure Fund and Phaethon Holdings (Copelouzos group); Italian operator Terna SpA; and StateGrid International Development Belgium are the four entrants advancing to the tender’s second round.

IPTO tasked RAE with an appraisal of the tender’s first-round entrants to safeguard the overall procedure from any prospective legal challenges.

One matter inspected by RAE was whether participation by entrants active in electricity production could lead to conflict of interest.

The authority also decided that China’s SGCC, IPTO’s strategic partner with a 24 percent stake, is eligible to participate in this tender, through its Belgian subsidiary StateGrid International Development Belgium.