Subsea surveys for €1.9 billion GSI underway, IPTO Chairman says

07:38 - 07 November 2024

Economy Reporter

Subsea surveys for the electricity interconnector linking Cyprus and Greece are underway, Manos Manousakis, Chairman and CEO of the Greek Independent Power Transmission Operator (IPTO) said, adding that developments over the financing of the €1.9 billion project are expected by the end of the year.

Speaking during the 7th Athens Investment Forum he said the project progresses smoothly with subsea surveys under way in the two countries’ territorial waters, adding that by the end of the year there will be developments at the investors' level.

On the electricity connection between Israel and Cyprus, Manousakis said the cost-and-benefit analysis has been assigned and is expected to be concluded by the end of the first quarter of 2025.

With regard to the pending regulatory issues associated with the interconnection of Cyprus and Greece, Manousakis said their settlement is a matter of time, adding that the intergovernmental agreement is in place, while the Republic of Cyprus will take the investment decision to join the project’s equity.

The Cypriot government decided in principle to join the GSI capital with a €100-million equity investment and is currently evaluating a cost-and-benefit analysis submitted by the IPTO.

(Source: CNA)

Subsea surveys for €1.9 billion GSI underway, IPTO Chairman says

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