Greece’s IPTO submits investment application for Great Sea Interconnector project

Greece’s Independent Power Transmission Operator (ADMIE/IPTO) has officially submitted an investment approval application to the regulatory authorities of Cyprus and Israel. The application, filed under the European Union’s TEN-E regulation, concerns the second section of the Great Sea Interconnector (GSI), an undersea power cable intended to link the electrical grids of Greece, Cyprus, and Israel.

This development follows a major agreement finalized last week, wherein the French investment group Meridiam committed to acquiring a 66% majority stake in the GSI company. The project, which involves French manufacturer Nexans, has long faced significant funding difficulties and complex geopolitical challenges, particularly regarding the maritime area between Greece and Cyprus that is disputed by Turkey. Supporters believe that the inclusion of major French entities will provide the project with both sustainable financing and increased political security.

Discussions regarding the progress of the interconnection were recently held between Greek Energy Minister Stavros Papastavrou and his Israeli counterpart, Eli Cohen. The project remains a high-priority initiative, aimed at establishing a critical energy bridge between Europe and the Middle East, with ongoing efforts to mitigate regional tensions associated with the cable's route.