Qualifiers through to the second round of a tender offering a 20 percent stake in Ariadne Interconnection, a subsidiary founded by Greek power grid operator IPTO for the development of the Crete-Athens grid interconnection, are expected to be set a 1Q 2024 deadline for their binding bids, energypress sources have informed.
All four first-round entrants have qualified for the procedure’s next stage following approval by RAAEY, the Regulatory Authority for Energy, Environment, and Water. All four are expected to maintain their interest and submit binding bids.
The procedure’s Virtual Data Room, to offer bidders full details on the project, is expected to be made available early in the new year, the sources noted. The shareholders’ agreement and business plan are among the details to be made available to participants.
The tender’s four second-round participants are GEK-TERNA; a partnership involving Macquarie Super Core Infrastructure Fund and Phaethon Holdings (Copelouzos group); Italian operator Terna SpA; and StateGrid International Development Belgium.
Taking into account the Crete-Athens grid interconnection’s current rate of progress, IPTO expects the project’s development to be completed late in 2024 and, following testing, be ready for commercial launch by mid-2025.
Progress is also being reported on the equity make-up of the newly established Great Sea Interconnector, another IPTO subsidiary, established for the development of the electrical grid interconnection to link the Greek, Cypriot and Israeli systems.
The Cypriot State, which has already expressed interest to become a shareholder of the Great Sea Interconnector consortium, is working on completing its entry by late January.
IPTO has also signed Memorandums of Understanding for the same purpose with TAQA, the Abu Dhabi National Energy Company, and Israeli fund Aluma. Other investors, including from the USA, have also expressed interest to join the Great Sea Interconnector consortium.
IPTO’ aims to complete the Great Sea Interconnector consortium’s equity make-up by the end of March, 2024 with a majority stake for the operator and the Cypriot State.