Meridiam eyes ambitious cable project linking Israel, Cyprus, Greece

08:36 18/6/2024 - Πηγή: iEfimerida

Greece’s Independent Power Transmission Operator S.A. (IPTO or ADMIE) has signed a memorandum of cooperation with the Meridiam fund, allowing the latter to invest in the Great Sea Interconnector consortium.

The consortium is overseeing the proposed undersea cable project that aims to

connect the electricity grids of Israel, Cyprus, and Greece.

Paris-based Meridiam, known for its global investment and asset management in public infrastructure, with a portfolio of 22 billion USD across 56 countries, is also the main investor in NeuConnect. NeuConnect is the inaugural power link between the UK and Germany, currently under construction.

This move is part of IPTO’s ongoing efforts to attract investors for the ambitious Great Sea Interconnector project, which presents significant engineering and financial challenges.

IPTO is progressing with financing negotiations, having agreed to present a term sheet to the US federal government’s development finance institution after receiving a letter of intent. Discussions are also underway with Greece’s four commercial banks and the Bank of Cyprus.

Additionally, last March saw a 20 million euro contract signed for the study of an AC/DC converter station in Cyprus as part of the project.

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