FinMin: Cyprus to participate in Great Sea Interconnector provided conditions are met

Cyprus will participate in the €19-billion project of electricity interconnection linking Cyprus, Greece and Israel, called “Great Sea Interconnector,” provided the conditions set out by the Cabinet are met, Finance Minister Makis Keravnos has said.

Keravnos’ comments on 7 March came following the call by the Greek Independent Power Transmission Operator (IPTO) for Cyprus to expedite its decision to join the project with a €100 million equity investment. An ITPO delegation headed by its Chairman and CEO Manousos Manousakis met with Keravnos on Tuesday in Nicosia. IPTO is the new project promoter, after the project was renamed “Great Sea Interconnector.”

“We were briefed by the IPTO on the state of play of the project, their thoughts and their plans on the way forward,” said Keravnos replying to questions following a meeting with the Chairwoman of the Cyprus Radiotelevision Authority.

He noted that he conveyed to the Greek grid administrator the decision of the Council of Ministers on the issue, noting he acknowledges the project's geopolitical significance.

He added that the project’s implementation will end Cyprus’ energy isolation, linking the Cypriot grid with Europe’s energy networks.

“Pursuant to the Cabinet’s decision we intent to participate in the project provided that the conditions we have set will be met,” Keravnos added.

“This is a large, very expensive project and we must weigh all parametres, the economic cost but also any risks that may be assumed as well, so that the government will take its final decision,” the Finance Minister concluded.

Previously known as EuroAsia Interconnector, the project is included in the EU’s Projects of Common Interest (PCI) featuring a 2,000-MW multi-terminal interconnection which connects the national electricity grids of Israel, Cyprus and Greece (Crete) with Europe. With a length of 890 km and reaching a depth up to 3,000 m, the interconnector is considered as the longest and deepest in the world.

(Source: CNA)