Meridiam to enter Greece-Cyprus-Israel interconnector project

French sustainable infrastructure investor Meridiam will join the shareholders of the project company implementing the subsea interconnection that will link the electricity networks of Greece, Cyprus and Israel.

Meridiam has signed a Memorandum of Understanding (MoU) for the investment with Greek transmission system operator IPTO, the latter said on Monday.

The Great Sea Interconnector, previously known as EuroAsia, will create an energy bridge via a 1,208-km direct current (DC) undersea cable that will be able to accommodate 1,000 MW of capacity and potentially reach 2,000 MW. The 525-kV HVDC cable route will be the longest and deepest interconnector globally, running across the Mediterranean Sea floor at depths of over 3,000 metres. It will have two sections planned to be commissioned in 2028-2029.

IPTO, the promoter and implementing entity of the EU-backed interconnection scheme, is hunting for investors willing to take part in the project and is also searching for lenders. Talks are being held with Greek commercial banks and the Bank of Cyprus, while US government fund DFC has agreed to send a term sheet for potential funding.

The proposed link is an EU Project of Common Interest, poised to receive a EUR-657-million (USD 704.4m) grant from the European Commission.

(EUR 1.0 = USD 1.072)

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