Latest developments concerning the prospective Great Sea Interconnector, a 1.9 billion-euro project planned to link the power grids of Greece, Cyprus and Israel, indicate that investment interest is growing.
Officials of Greek power grid operator IPTO, promoting the project through an SPV, are expected to hold talks in Nicosia today with representatives of Abu Dhabi-based fund TAQA, one of the key players examining the prospect of becoming a stakeholder in the Great Sea Interconnector.
This UAE fund has been conducting due diligence for months. Today’s meeting between IPTO and TAQA officials in Cyprus suggests TAQA is seriously considering to join the Great Sea Interconnector consortium.
In addition, IPTO is preparing to forward the consortium’s terms to Israeli fund Aluma. The two sides had signed a Memorandum of Understanding last year in view of this fund’s entry into the project.
Without a doubt, growing interest for involvement in the Great Sea Interconnector expressed by US state fund Development Finance Corporation ranks as standout news.
Following up on talks with Greek deputy energy minister Alexandra Sdoukou in Washington last December, DFC’s leadership is believed to have expressed interest to participate in the project by either becoming a stakeholder with a 50 million-euro sum or by contributing to its financing.
Though DFC has not yet gone into details, US state participation in the project would align with American energy security interests in the eastern Mediterranean region and also boost the project’s geopolitical standing.