RAE, the Regulatory Authority for Energy, has approved the terms of a tender to offer a 20 percent stake in power grid operator IPTO’s subsidiary firm Ariadne Interconnection, established specifically for the development of the Crete-Athens interconnection.

The authority’s approval, offered after IPTO met observations made by RAE, paves the way for the tender’s announcement, expected imminently. Roadshows pitching the tender and also gauging the level of interest of prospective buyers will precede the sale procedure’s announcement.

IPTO had originally planned to offer a 40 percent stake in Ariadne Interconnection before halving this offering.

State Grid Corporation of China (SGCC), IPTO’s strategic partner with a 24 percent stake, which had expressed early interest in the upcoming Ariadne Interconnection tender, is believed to remain very keen.

SGCC’s existing involvement in IPTO prompted a series of obstacles that required RAE to turn to the European Commission for its approval before giving the green light for the tender.

The Crete-Athens interconnection, budgeted at one billion euros, is planned to be launched in 2024.