A Memorandum of Understanding (MoU) has been signed between the Independent Power Transmission Operator (IPTO) and Meridiam.

The subject of the MoU is the entry of Meridiam into the shareholding of Great Sea Interconnector, the company responsible for the implementation of the Greece-Cyprus-Israel electricity interconnection project.

Meridiam is a Paris-based global investor and asset manager specialising in the development, financing, and management of long-term public infrastructure projects with a focus on maximising benefits for the economy, the environment, and society. It is the lead investor in the NeuConnect project, the first electrical interconnection between the UK and Germany, which is already in the construction phase. Meridiam manages more than $22 billion of assets, with a presence in 56 countries.

IPTO is continuing its rounds of contacts with interested investors for equity participation in the project. It has already agreed with the United States sovereign wealth fund DFC to send the proposed financing terms (term sheet) for the project immediately, following its recent letter of intent (LoI) to the Implementing Entity.

At the same time, the operator is currently negotiating with Greek commercial banks, as well as the Bank of Cyprus, in order to participate in its financing.