The US International Development Finance Corporation (DFC) has officially expressed its interest in participating in the Great Sea Interconnector, a significant energy project linking the electrical grids of Greece, Cyprus, and Israel.
The DFC conveyed its intentions through a Letter Of Intent addressed to Greece’s Independent Power Transmission Operator (IPTO), officials has said.
Following an economic and technical evaluation, the DFC’s involvement could take the form of either a share capital contribution, financing, or a combination of both. The prospect was discussed in a recent teleconference involving IPTO, DFC, and the Greek Ministry of Environment and Energy, where terms of participation were discussed.
A critical condition for the DFC’s final investment decision is the timely completion of the regulatory framework by the regulatory authorities of Greece and Cyprus.
Manos Manousakis, Chairman and CEO of IPTO, welcomed the DFC’s formal interest, stating that it marked “a vote of confidence in our efforts to implement the project, which will bring multiple benefits to Cypriot and Greek consumers.”