Manos Manousakis: I am certain that the GSI project will be realised, ending Cyprus' energy isolation

The Chairman & CEO of Greece’s Independent Power Transmission Operator (IPTO) Manos Manousakis has said he is certain Cyprus will move ahead with its part in the project.

In an interview with Forbes Greece, Manousakis, responding to the question, 'Will the Interconnection be realised?' responded, “I am certain that yes, the project will be realised, ending Cyprus' energy isolation.”

His positive statement comes amid ongoing, and often intense, discussions in Cyprus on whether or not the state should invest in the project. Among others, Finance Minster Makis Keravnos has repeatedly expressed strong reservations regarding the economic impact of Cyprus' potential involvement in the GSI.

The Great Sea Interconnector (GSI), formerly known as the EuroAsia Interconnector, a major cross-border infrastructure project, aims to link the electricity grids of Cyprus and Greece via an undersea high-voltage direct current (HVDC) cable. The original plan also included a connection with Israel, forming a strategic energy corridor between the Eastern Mediterranean and the European Union.

The GSI is a Special Purpose Vehicle of IPTO, established in January 2024, as the implementing and financing entity of the Crete - Cyprus - Israel electricity interconnection project. In spite of Manousakis’ certainty as expressed in the interview, it is important to note that discussions on the extent of Cyprus’ financial investment in the project are officially ongoing.

Regulatory decisions needed for further progress

In his interview with Forbes Greece, Manousakis noted that the Great Sea Interconnector’s Greece-Cyprus interconnection is under construction and that IPTO hascompleted 60% of seabed surveys between Greece and Cyprus, with 170 km of cable laid. The remaining surveys, particularly in international waters between Karpathos and Cyprus, are pending, he also said.

As Manousakis pointed out, regulatory decisions are needed for further progress. Greece’s Regulatory Authority has secured IPTO's revenues for 2025 and is initiating discussions for the 2026-2029 period. Similar commitments are awaited from the Cypriot regulator, he said.

Survey permits are expected soon

Manousakis also noted that permits for surveys in international waters are expected soon. The final cable route depends on the survey results. IPTO is also maturing the Cyprus-Israel segment, having recently presented a cost-benefit analysis to Cypriot and Israeli authorities. The official submission is expected by end-July, he said, with cost-sharing decisions anticipated to follow within six months, paving the way for tenders in 2026.

Manousakis suggested that the project underscores Cyprus’ inclusion in the EU energy market, delivering consumer, economic, environmental, and political benefits for Cyprus, Greece, and Hellenism overall.

Backed by Greece, Cyprus, and the EU, the project enjoys strategic support. The EU's large subsidy affirms Cyprus' integral role. Regarding Turkey's opposition, Manousakis refrained from commenting, citing foreign policy matters. He did, however, note US support for the project, including from the new U.S. ambassador to Greece.

Also read: Geopolitical aspects of GSI are being managed, Energy Minister says

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

Also read: Primarily a financial issue... Let Makis Keravnos' view be taken into account on the GSI investment