Greek power grid operator IPTO, project promoter of the Great Sea Interconnector, a 1.9 billion-euro project planned to link the power grids of Greece, Cyprus and Israel, is engaged in talks with the European Investment Bank for a loan of approximately 500 million euros.

IPTO plans to soon stage a teleconference with EIB in order to provide additional information supporting this project as an optimal solution for Cyprus’ energy sufficiency in an effort to remove feasibility reservations expressed by the bank in the past.

Also, IPTO’s chief executive Manos Manousakis and associates have scheduled a series of meetings in Nicosia tomorrow, including with Cyprus’ finance minister Makis Keravnos, for the Cypriot state’s entry into the GSI project with an equity amount of up to 100 million euros. These meetings will be the latest of regular meetings agreed to with Cyprus for talks on the project’s progress.

Besides Israel fund Aluma and Abu Dhabi-based fund TAQA, other investors, both from the wider region as well as the USA, are believed to be interested in becoming project stakeholders.

In addition to the 500 million-euro loan for the GSI being discussed with EIB, a further 500 million euros in loans is expected to be extended by Greek banks, currently in talks with IPTO, while 657 million euros in EU funding is also anticipated.

Adding to the overall activity concerning the GSI’s development, a team of leading officials from Norwegian company Nexans is scheduled to visit Athens on March 13 for talks with IPTO’s leadership. Nexans has begun manufacturing work for the project’s cable.