Positive evaluation brings Republic of Cyprus’ shareholding in the Great Sea Interconnector closer
14:53 - 23 January 2024
International experts charged with the appraisal have given a positive evaluation of the Great Sea Interconnector project (formerly EuroAsia Interconnector), which concerns the electrical interconnection between Israel - Cyprus – Crete, according to media sources.
The results of the evaluation of the international house's experts were presented on the morning of 23 January at the Presidential Palace, in the presence of the Minister of Energy George Papanastasiou.
As CNA has reported, according to its sources, the presentation of the study on the project included a discussion and a series of questions from those present.
The evaluation of the Great Sea Interconnector, carried out by the international house, concerned the viability of the project, its contribution to the electricity market of Cyprus and its geopolitical value in the wider environment of the Eastern Mediterranean.
The company's evaluation showed, according to the same sources, that the Great Sea Interconnector will have "a great value for the electricity market of Cyprus and at the same time a very high geopolitical value," due to the fact that Cyprus will be in the middle of the interconnection of the national electricity networks of Israel and Greece and by extension Europe.
In particular, during the presentation of the results of its evaluation, as CNA was informed, the international house’s experts gave a presentation in relation to the value of the project, its advice and the risks that the Republic of Cyprus would undertake in the event that it decides to participate in the equity capital of the project.
The assessment was made on the basis of studies carried out in the past by the previous implementing body, EuroAsia Interconnector, and additional information provided by Greece’s Independent Power Transmission Operator, which is the existing implementing body of the project and has experience from other electrical connections it manages.
The decision of the Republic of Cyprus to participate or not in the share capital of Great Sea Interconnector will be taken by 31 January.
(Source: CNA, InBusinessNews)