The agreement the French investment group Meridiam signed to become the majority shareholder in Great Sea Interconnector (GSI) - the project that aims to connect the electricity systems of Greece, Cyprus and Israel- creates strong new momentum for the implementation of the project, which aims to end Cyprus' energy isolation, Greek Minister of Environment and Energy Stavros Papastavrou said.
Referring to the agreement signed at the Maximos Mansion in Athens in the presence of the Greek Prime Minister Kyriakos Mitsotakis, the Minister stressed that the Greece–Cyprus–Israel electricity interconnection is a project of strategic importance, as Cyprus remains the only European Union member state without an electricity connection to the European grid.
Speaking to the Greek broadcaster OPEN TV, Papastavrou noted that Meridiam's participation significantly strengthens the project's prospects, as the investment group has proven expertise in similar technically demanding subsea electricity interconnection projects, including the one linking the United Kingdom and Germany.
"This is a complex project involving technical, geopolitical and financial challenges. No one has suggested that all these issues can be resolved overnight. However, this new partnership creates strong momentum, broadens the project's stakeholder base and makes it clear that the project is not only about Greece and Cyprus, but is a European priority," he said.
According to the Minister, the completion of the Great Sea Interconnector will mark a decisive step towards ending Cyprus' energy isolation by enhancing security of supply, enabling greater integration of renewable energy sources and strengthening the overall energy security of the Eastern Mediterranean.
Papastavrou also announced that the cost-benefit analysis for the Cyprus–Israel section of the project will be completed in the coming days and submitted to the regulatory authorities of the two countries.
"Electricity interconnections are essential for Europe's energy security, particularly in the Eastern Mediterranean. We are moving forward with determination to complete the Greece–Cyprus–Israel electricity interconnection," he said.
Commenting on Turkey's position, Papastavrou stressed that Greece exercises its sovereign rights in accordance with international law and the United Nations Convention on the Law of the Sea (UNCLOS) while at the same time investing in the development of strong international partnerships.
"Greece's strategy for the Eastern Mediterranean is one of development, cooperation and progress for all countries in the region, without exclusions, but also without accepting coercive practices or threats. Threats have no place in the modern Eastern Mediterranean," he concluded.
