The Cyprus–Israel leg of the Great Sea Interconnector is entering the regulatory phase, following ADMIE’s submission of an application for investment approval to the competent authorities of both countries.
The submission of this investment request officially launches the project evaluation process and is a necessary step toward agreeing on how costs will be shared between Cyprus and Israel.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
As ADMIE states in a press release, this development comes just one week after the signing, at the Maximos Mansion, of the ADMIE-Meridiam agreement at the Maximos Mansion, which provided for the French investment group to become the majority shareholder in Great Sea Interconnector, and following a telephone conversation between Greece’s Minister of Environment and Energy, Stavros Papastavrou of Greece, with his Israeli counterpart, Eli Cohen, to promote the Cyprus-Israel power interconnection.
ADMIE notes that the investment application for the Cyprus-Israel interconnection is the necessary next step, under the European framework, for the project’s implementation, following the completion of the required cost-benefit analyses (CBA) and the proposal for cross-border cost allocation (CBCA).
At the same time, it is emphasized that once the countries reach an agreement, the final investment decision (FID) will be made, which will mark the start of the procedures for financing the project. ADMIE’s goal, as highlighted in the announcement, is to attract additional investors for the interconnection between Cyprus and Israel, as was the case with the first phase of the project (the Greece-Cyprus interconnection), with Meridiam joining the investment consortium.
It should be noted that the Republic of Cyprus is awaiting the European Investment Bank’s study on the project’s viability and the determination of its final cost.
