Progress on Greece-Cyprus Great Sea Interconnector project funding

The Greek Independent Power Transmission Operator (IPTO/ADMHE) has received authorization to submit a formal request to the European Investment Bank (EIB) for funding a due diligence study on the Great Sea Interconnector (GSI) project. This follows a meeting in Nicosia involving Cypriot Energy Minister Michalis Damianou, Greek Energy Minister Stavros Papastavrou, EU Energy Commissioner Dan Jorgensen, and representatives from IPTO and the EIB. The initiative aims to update the technical and economic parameters of the project, which was previously granted the status of a Project of Common Interest and has received approximately 658 million euros in EU grants. The due diligence process is expected to last between six and seven months and is intended to clear the way for potential participation by new investors. The project, designed to end Cyprus's energy isolation and reduce electricity costs, was previously discussed at the third intergovernmental summit in November 2025. Sources confirm that the coordination between Athens, Nicosia, and EU authorities seeks to move the stalled project forward. The EIB's involvement is crucial for determining the final scale of financing, with all parties confirming their commitment to the regional energy infrastructure.