The Great Sea Interconnector project is moving forward and will pass through Cyprus; “everything is proceeding as planned,” said Michalis Damianos, Minister of Energy, Trade, and Industry, on Sunday.
Speaking in Xylotymbou, the minister noted that “the GSI will definitely pass through Cyprus,” as planned, both on the Cyprus – Crete leg and the Cyprus – Israel leg, refuting reports that it would proceed without Cyprus’s participation.
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As he noted, following the agreement between the President of the Republic, Nikos Christodoulides, and the Prime Minister of Greece, Kyriakos Mitsotakis, a new investor has joined the project, and a new due diligence study is expected.
The goal, as he explained, is to determine the exact cost of the project and decide how it will be funded.
The Minister expressed his view that “everything is proceeding as planned,” noting that a decision from the European Investment Bank is still pending before the next steps can be taken.
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Regarding the project’s viability, he noted that this will also depend on the funds that can be made available.
As he noted, if the project turns out to be much more expensive, other investors and additional funding sources will need to be found for it to move forward.
He also noted that the European Union is already providing 658 million euros for the project, pointing out that it must be determined whether the cost has increased and, if so, how its financial sustainability can be ensured.
He also made special mention of the cost to Cypriot consumers, noting that they will pay for the project through their electricity bills.
For this reason, he said, additional funds will need to be secured along the way so that the cost does not significantly impact Cypriot consumers.
The Minister also referred to the French company Meridiam’s entry into the project, noting that there appears to be investment interest and broader interest in the GSI.
At the same time, he noted that there is also interest in the Cyprus–Israel project from foreign investors.
“Since there is general interest, this is a project where we need to find a way to implement it, not decide whether it will be implemented,” he emphasized.
Source: CNA
