EIB request approved for project review
Greece’s Independent Power Transmission Operator (IPTO), the implementation body for the Greece-Cyprus electricity interconnection project (GSI), has received approval to submit a request to the European Investment Bank (EIB) for funding a due diligence study.
According to sources cited by the Cyprus News Agency (CNA), the study aims to clarify the updated technical and financial parameters of the Cyprus interconnector project.
Ministers meet with EU Energy Commissioner
The same sources said the approval was confirmed on Tuesday afternoon during a meeting between Cyprus Energy Minister Michalis Damianos, Greek Energy Minister Stavros Papastavrou and EU Energy Commissioner Dan Jørgensen.
The meeting was also attended by Deputy Minister to the President Irene Piki, Greek Deputy Minister of Environment and Energy Nikos Tsafos, as well as representatives from IPTO and the EIB.
Officials noted that on April 20, 2026, ministers Damianos and Papastavrou had informed the EIB of IPTO’s intention to submit the request.
Updated project costs under review
Cyprus and Greece first announced plans to update the project’s financial and technical framework in November 2025. The decision followed the third intergovernmental summit between the two countries.
At the time, Cyprus President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis said the review could potentially support the entry of new investors into the interconnector project.
According to CNA information, the timeline for the due diligence study is expected to be announced in the coming weeks. The review is also expected to determine the project’s updated cost, which may be higher than initially estimated.
Source: CNA
Also read: Erhürman criticises EU over GSI, proposes Cyprus–Turkey–Greece link
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