US Development Finance Corp. Expresses Interest in Great Sea Interconnector Project

The Great Sea Interconnector project, a 2,000MW high-voltage direct current (HVDC) cable initially conceived in 2017, aims to enhance energy security in the region. Greece’s Independent Power Transmission Operator (ADMIE or IPTO) announced on Tuesday that the US-based International Development Finance Corp. (DFC) has expressed official interest in participating in this ambitious project. The interconnector will link the power grids of Israel, Cyprus, and Greece via what is set to be the longest submarine power cable in the world.

The project is designed to transfer surplus electricity from the Middle East to mainland Greece and the EU. Following a financial and technical evaluation, the US Development Finance institution, a federal agency, submitted a letter of intent. IPTO indicated that DFC is considering investing in the project’s share capital, financing a portion of it, or both.

“We welcome DFC’s formal interest in participating in the Great Sea Interconnector. It’s a vote of confidence in the effort to implement the project, which will have multiple benefits for Cypriot and Greek consumers. For this development, I would like to warmly thank the leadership of the Ministry of Environment and Energy and the US Embassy, especially Ambassador George Tsunis,” said IPTO President and CEO Manos Manousakis.

The proposed power connection between Greece, Cyprus, and Israel is included in the EU’s Projects of Common Interest (PCIs) list, with a budget of 657 million euros allocated by the EU Commission.