French cable manufacturer Nexans formally acknowledged Tuesday that Great Sea Interconnector (GSI) delivery faces renegotiation with client Greece’s independent power transmission operator Admie. The project linking Greece and Cyprus power grids will complete later than the late 2029 or early 2030 target.
Nexans withdrew tenders and notified subcontractors of design and execution timetable changes. The company executes its contract per 2023 obligations while assessing revised options with Admie.
Nexans stresses project commitment remains firm. Schedule changes will not impact 2028 financial forecasts due to large order backlog and mitigation measures taken since 2026.
CEO addresses project status
Chief Executive Julien Hueber described Nexans’ approach as “disciplined and collaborative” despite external and political developments. He insisted the power transmission sector offers strong long-term growth prospects.
Hueber confirmed during analyst conference call that GSI remains on track, not cancelled, with no alternative plans for already manufactured cable. Nexans maintains extremely collaborative relationship with Admie.
Discussions continue regarding next steps, payments, and political support. Nexans received €250 million in tranches toward the €1.4 billion cable contract.
Bilateral tensions and updates
Cyprus withheld €25 million 2025 payment to Admie, contributing to Nicosia-Athens friction. Admie, 51 per cent Greek state-owned, serves as project promoter.
President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis recently agreed technical parameters require updates to attract investors. Both reaffirmed GSI as regional security and energy resilience priority.
Source: Cyprus Mail
Also read: US involvement with the GSI back on the table amid investor talks
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