Meridiam Eyes Entry into Great Sea Interconnector Project

Amemorandum of cooperation (MoC) signed between Greece’s Independent Power Transmission Operator S.A. (IPTO or ADMIE) with the Meridiam  fund allows for the latter’s entry in the share capital of the Great Sea Interconnector, the consortium responsible for the prospective undersea cable linking the electricity grids of Israel, Cyprus and Greece.

The Paris-based fund bills itself as a global investor and asset manager specializing in developing, financing and managing long-term public infrastructure projects, and with a portfolio valued at 22 billion USD through a presence in 56 countries.

Meridiam is currently the primary investor behind NeuConnect, the first electricity grid connector between the UK and Germany, a project under construction.

The development is part of continuing contacts by the Greek power operator to entire investors for the highly ambitious project, from an engineering and financing view.

IPTO has already agreed to send a proposed term sheet to the US federal government’s development finance institution, following a letter of intent by the latter. The independent controller of Greece’s national transmission system is also in negotiation with Greece’s four commercial banks and Bank of Cyprus for prospective financing.

Last March a contract for the study of an AC/DC converter station on Cyprus, as part of the Great Sea Interconnector, was reportedly signed for 20 million euros.