The Greece-Cyprus-Israel electricity interconnection, now named the Great Sea Interconnector, is nearing development, its prospects driven by new investors and, above all, increased funding.

The project’s next big steps will develop along three fronts. Firstly, Norwegian company Nexans will install the cable section of the Crete-Cyprus interconnection, which, according to Manos Manousakis, CEO of Greek power grid operator IPTO, is imminent.

Secondly, the Greek operator will hold discussions with three prospective investors, namely the Cypriot State, Israeli fund Aluma, and TAQA, the Abu Dhabi National Energy Company, for their participation in the project.

Thirdly, funding details needs to be shaped. These details remain unclear at this stage as the project’s shareholders, and their stakes, have yet to be finalized.

The consortium could feature the three aforementioned candidates, along with IPTO, but it is still too early to tell if this could result in respective 25 percent stakes for all four.

A 657 million-euro sum from the project’s 1.9 billion euro has been secured through the Connecting Europe Facility. The remaining 1.3 billion euros will be raised through bank loans, both through the EIB and commercial banks, as is customary for this type of project.

Nexans is expected to begin installing the project’s cable for the Crete-Cyprus section as soon as a deposit is provided by CINEA, the European Climate, Infrastructure and Environment Executive Agency, managing decarbonization and sustainable growth.