Salvaging power grid connection project

A solution appears likely for the funding snags for EuroAsia interconnector, the planned high-voltage direct-current cable that will connect the power grids of Greece, Cyprus and Israel.

Greece's Independent Power Transmission Operator (ADMIE) has come to a preliminary agreement with an Israeli fund for the latter to become one of the project's shareholders, with a stake of up to 33%.

This development confirms Israel's recent heightened interest in the project. If it goes through, it will provide enough capital for the project to be funded by the European Investment Bank (EIB), as well as through private funding.

The EIB, apparently, had rejected an application for €580 million in funding.

ADMIE officials have told Kathimerini that Greece's transmission system operator has signed a letter of intent for joining the project with a minimum 25% stake with an...