Grid Telecom, a subsidiary of Greek power grid operator IPTO, is considering to attach a fiber-optic cable system onto EuroAsia Interconnector, a prospective grid link to connect the Greek island Crete, Cyprus and Israel, in order to meet rapidly growing demand in the wider region for online services.

Investments in data centers, storing ever-increasing information via the internet, require fiber-optic cables. IPTO has identified a key opportunity in the region, given the solid basis of its relations with the Israeli side.

Grid Telecom is considering taking on the project, whose budget is expected to reach tens of millions of euros, with two partners, one of which is Tamares Telecom, a fiber-optic network operator and subsidiary of the Israeli fund Aluma.

The project is planned to serve the needs of EuroAsia Interconnector as well as those of other customers.

Interest in the Greece-Cyprus-Israel interconnection is extremely strong. Aluma is awaiting the results of a due diligence procedure before becoming a shareholder in the EuroAsia Interconnector project. The Israeli energy ministry is also very keen on its development. Highlighting the level of interest, the ongoing Israel-Gaza war has not altered project plans.

Just a month ago, Grid Telecom and Tamares Telecom announced that they had completed the initial design for the intercontinental fiber optics linking Greece with Cyprus, Israel and the Arabian Peninsula.