French investment fund to finance Greece-Israel electric cable project

The French investment fund Meridiam has agreed to finance the installation of a power cable linking the energy systems of Greece, Cyprus, and Israel.

Meridiam manages $20 billion and specializes in long-term infrastructure projects. The project previously received a $657 million grant from the European Commission. IPTO, the Greek electricity company leading the project, is negotiating financing with private banks, the Bank of Cyprus, and the US state-owned Development Finance Corporation.