Greece will hire an external consultant to review the costs of one of the world’s largest submarine electricity cables, connecting mainland Europe with Cyprus, announced Greek Environment and Energy Minister Stavros Papastavrou on Tuesday, as the country seeks new investments, according to Reuters.
The project, known as the Great Sea Interconnector (GSI), has a budget of €1.9 billion, partially funded by the European Union. It has faced delays due to geopolitical tensions in the eastern Mediterranean and repeated requests from Cyprus for clarifications regarding overall costs, feasibility, and responsibilities for potential delays.
The Independent Power Transmission Operator (IPTO/ADMIE) has taken responsibility for completing the project.
Commitment from Greece and Cyprus
Both Greece and Cyprus have reaffirmed their commitment to the cable in recent months. Cyprus has also reached out to the United Arab Emirates for potential collaboration on the project.
Minister Papastavrou told Open TV:
“The decision of Greece and Cyprus is to proceed, to have the cost reviewed by one of the world’s most renowned firms, and in this way attract investors from either the Middle East or America. For a new investor to participate, the numbers must be updated.”
He added that the entry of new investors would expand the shareholder base, facilitating the completion of the project.
Nexans and delivery delays
Meanwhile, French cable manufacturer Nexans, which secured the €1.4 billion contract to supply the cables, announced this month that it is renegotiating the delivery schedule, acknowledging the delays.
Minister Papastavrou highlighted the increasing strategic value of interconnections:
“Even Saudi Arabia sees Greece as an entry point.”
He also mentioned IMEC, the corridor from India, noting that Greece serves as an entry point for this corridor as well.
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