Neutral
Informational - no clear directional impact
Low Impact
Minor progress or informational
In 2009 the Italian TSO Terna and the Tunisian state utility STEG established ELMED Études S.à r.l. as a jointly owned special purpose company to develop the Italy-Tunisia submarine power interconnection. Per the World Bank's 2018 Project Appraisal Document for the ELMED programme (PAD2551), ELMED Études was incorporated as a joint venture between Terna and STEG, and during the same period the two utilities signed the first Memorandum of Understanding for the project. The JV was created to lead feasibility studies, engineering, environmental and permitting work for the 500 kV / 600 MW HVDC submarine cable connecting Partanna in Sicily with Mlaabi on Tunisia's Cap Bon peninsula. This corporate structure remained the anchor vehicle through early-stage development and evolved as the project progressed through TYNDP and PCI listings, EU/World Bank/EIB/EBRD financing, and the December 2023 effective financial close. Restored after the first-pass audit review (2026-04-10) incorrectly deleted the undated original event; the year precision reflects the PAD source which places formation in 2009 without a specific month.