A Special Purpose Vehicle (SPV) subsidiary, which will facilitate the possible entry of the Republic of Cyprus and other potential investors in the EuroAsia Interconnector project, is to be established by the Independent Electricity Transmission System Operator of Greece (Admie), which has taken over the management of the flagship project, it emerged on Monday.

The development comes after Energy Minister George Papanastasiou met with Greece’s Deputy Minister of Energy, Alexandra Sdoukou on the sidelines of Friday’s Intergovernmental Summit.

According to an announcement by the government’s press and information office, both ministers discussed the next steps required to accelerate the implementation of the Greece-Cyprus-Israel electricity interconnector.

They also elaborated on the actions required to complete the regulatory framework for the project to proceed smoothly and outlined the steps required for the transfer of the licenses to the new project promoter.

Manos Manousakis, Admie’s CEO, who recently took over the role of implementing the EuroAsia Interconnector also attended.

He briefed the ministers of Admie’s its intention to set up a special purpose vehicle (SPV) subsidiary to undertake the Greece-Cyprus-Israel interconnection, so as to facilitate the possible entry of the Republic of Cyprus and other investors in the project.