US DFC expresses interest in participating in Great Sea Interconnector project

The US International Development Finance Corporation (DFC) has expressed an interest in participating in the Great Sea Interconnector project linking the electrical grids of Greece, Cyprus and Israel via undersea cables, Greece’s Independent Power Transmission Operator (IPTO) has said.

With a capacity of 2,000 megawatts and bidirectional capabilities, the interconnector project aims to bolster energy security and facilitate the exchange of electricity between the participating nations.

According to IPTO, the US development finance institution submitted its letter of intent following an economic and technical evaluation of the project, and will participate either in the share capital or funding loan, or a combination of both.

Recently, officials from IPTO, DFC and the Greek Environment and Energy Ministry participated in a teleconference to discuss the prospects and terms of participation in the project.

DFC’s final investment decision will depend on the timely completion of the regulatory framework by the Greek and Cypriot regulatory authorities.

“We welcome the formalizing of DFC’s interest in participating in the Great Sea Interconnector. It is a vote of confidence in the effort to implement the project, which will provide multiple benefits to Greek and Cypriot consumers,” IPTO’s chairman and CEO Manos Manousakis said, thanking US Ambassador George Tsunis for his role.

The construction of the cable section of the first leg of the interconnector (Crete-Cyprus) began in December.