Great Sea Interconnector to Pass Through Cyprus, Confirms Energy Minister Michalis Damianou
The Great Sea Interconnector (GSI) project will definitely pass through Cyprus, Energy Minister Michalis Damianou confirmed on Sunday. He clarified that the project remains on track both in the Cyprus-Crete and Cyprus-Israel segments, refuting reports suggesting Cyprus’s exclusion. Following a recent agreement between Cyprus President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis, a new investor has joined the project, with a new due diligence study underway to determine the exact costs and financing methods.
Minister Damianou emphasized that the project’s progress is ongoing smoothly, although the European Investment Bank requires additional time to finalize subsequent steps. The feasibility of the GSI depends on the financial resources available, with the EU already allocating €658 million. Should costs rise, new investors and funding sources must be found to ensure the project's viability without overly burdening Cypriot electricity consumers. French firm Meridiam has shown investment interest, as have other foreign investors for both GSI and the Cyprus-Israel segment, underscoring the project's strategic importance and commitment to its realization.
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