Investment management firm joins Greece-Cyprus-Israel interconnector, talks with other investors ongoing

Paris-headquartered investment management company Meridiam has entered into the shareholding structure of the company responsible for the implementation of the electric interconnection project between Greece, Cyprus, and Israel.

Source: IPTO

Greek transmission system operator (TSO) Independent Power Transmission Operation (IPTO) reported it had signed a memorandum of understanding (MoU) with Meridiam for its entry into the shareholding structure of the company Great Sea Interconnector.

IPTO also announced it was continuing discussions with other interested investors regarding equity participation in the project and is also in negotiations with Greek commercial banks as well as with the Bank of Cyprus to participate in the financing.

Last month, the U.S. state fund International Development Finance Corporation (DFC) submitted a letter of intent (LoI) to IPTO expressing its interest for an investment participation in the project.

Meridiam is also a partner on the NeuConnect project, the first-ever energy link between the UK and Germany.

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The Great Sea Interconnector, formerly known as the EuroAsia Interconnector, is a 2,000 MW multi-terminal electricity interconnection that will be 890 kilometers long and up to 3,000 meters deep. It is expected to end the energy isolation of Cyprus, ensure security of supply for Israel, Cyprus and Greece, and establish a reliable green interconnection for Europe.

Norway’s Nexans won the contract for the cable section of the interconnection and Germany’s Siemens was selected as the preferred contractor for the construction of the converter stations.

At the end of 2023, Abu Dhabi National Energy Company PJSC (TAQA) signed a memorandum of understanding (MoU) to explore the possibility of becoming one of the shareholders in the project.

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