Greece's Independent Power Transmission Operator (IPTO), who has been assigned to implement the Great Sea Interconnector (GSI) project, is moving forward to request funding from the European Investment Bank (EIB) for a due diligence study that will indicate the updated economic and technical parameters of the project, CNA has learnt from competent sources.
The same sources report that the timeline of the implementation of the study, which may indicate an increase of the cost of the project, will be determined within the next few weeks. The Energy Ministers of Cyprus and Greece, Michael Damianos and Stavros Papastavrou respectively, had communicated to the EIB the IPTO's intention to request funding on 20 April.
The decision to update the economic and technical parameters of the project, so that it can potentially attract investors, was announced back in November 2025 by the President of the Republic, Nikos Christodoulides, and the Greek Prime Minister, Kyriakos Mitsotakis, after the third intergovernmental summit between Cyprus and Greece.
IPTO received the green light to submit the request during a meeting in Nicosia on the afternoon of 12 May, between Ministers Damianos and Papastavrou with EU Commissioner for energy issues, Dan Jørgensen, which was also attended by IPTO and EIB representatives.
European Commission continues to support the GSI, Commissioner Jørgensen says
The European Commission has always supported and continues to support the Great Sea Interconnector (GSI) as a key strategic energy link, the European Commissioner for Energy and Housing, Dan Jørgensen, said on Tuesday, 12 May after separate meetings that he held in Nicosia with the Ministers of Energy of Greece and Cyprus, EIB and the project's promoter
"The European Commission has always supported and keeps supporting the Great Sea Interconnector as a key strategic energy link to end Cyprus' energy isolation, to secure the stability of the electrical network throughout the entire island, and fundamentally to lower electricity prices,’’ he pointed out in a written statement.
"But beyond Cyprus, this is project which can really enhance regional security of supply and market integration, as well as accelerate the integration of cheap and sustainable renewable energy in the Eastern Mediterranean, especially at a time when we are facing yet another energy crisis related to our dependency on imported fossil fuels," he added.
Commissioner Jørgensen went on to say that "the Commission’s commitment has been crystal clear: To facilitate the implementation of the GSI, we have granted the project the status of Project of Common Interest under the EU rules for cross-border energy projects. And we have also awarded it with a grant of around EUR 658 million under the Connecting Europe Facility, one of the biggest CEF grants ever.’’
‘’More recently, we have doubled down on our support by designating this project as one of the eight Energy Highways we wish to prioritise to complete our Energy Union,’’ he noted.
"In this spirit, I have convened a meeting today in Nicosia with the Ministers for Energy of Greece and Cyprus. Together, we also met separately with the project promoter and with the European Investment Bank, to give new impetus to its implementation,’’ he concluded.
(Source: CNA)
