The Cypriot State's entry into Greek power grid operator lPTO's Great Sea lnterconnectorsubsidiary formed for the development of a Greece-Cyprus-lsrael electricity interconnection isconsidered 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 NikosChristodoulides, joined by the administration's energy minister Giorgos Papanastasiou. The lPTOteam also met with Cyprus' regulatory authority for energy.

lt is now considered just a matter of time before the finalized results of a feasibility studyconducted on behalf of the Cypriot State are delivered. The study is expected to give the greenlight for a final investment decision.

The Cypriot State is expected to enter the Great Sea lnterconnector subsidiary with an initial sumof 100 million euros from the Recovery and Resilience Facility (RRF). PTO is also expected to hold talks with two other prospective Great Sea lnterconnector entrants.sraeli fund Aluma, and TAQA, the Abu Dhabi National Energy Company, for their participation inthe project, budgeted at 1.9 billion euros, with 657 million euros secured through the ConnectingEurope Facility. The consortium could feature the three aforementioned participants along with lPTO, but it is stiltoo early to tell if this could result in respective 25 percent stakes for all four.