US govt mulls joining Greece-Cyprus-Israel interconnector project

The US government’s International Development Finance Corporation (DFC) is interested in taking part in the subsea interconnection project that will link the electricity networks of Greece, Cyprus and Israel.

The government entity has approached Greek transmission system operator IPTO with a Letter of Intent, IPTO said on Wednesday. According to its statement, the DFC will be involved either through a share capital holding, a loan, or a combination of both.

The US government's development finance institution’s final decision on whether to invest in the EUR-2.5-billion (USD 2.71bn) project will depend on the timely completion of regulatory procedures in Greece and Cyprus.

The Great Sea Interconnector project, 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 is the promoter and implementing entity of the EU-backed interconnection project. In March, it approached Cypriot and Israeli government officials, requesting an expedited execution of the scheme.

(EUR 1.0 = USD 1.085)

Choose your newsletter by Renewables Now. Join for free!