The formal request to the European Investment Bank (EIB) for financing the Greece–Cyprus electricity interconnection project, the Great Sea Interconnector (GSI), is expected to be submitted within June, according to ADMIE chairman and CEO Manos Manousakis. He made the announcement during a press conference on the company’s €1bn share capital increase.
The request, which follows the agreement between the governments of Greece and Cyprus, concerns a loan of up to €1bn, covering as much as 50% of the project’s total budget of €1.9bn. According to ADMIE’s management, the assessment and response from the EIB are expected before the end of the year.
Mr Manousakis expressed optimism that the loan will be approved, noting that the project is already well known to the Bank, which is expected to speed up the process. Approval of the funding would pave the way for the resumption of works.
The financing decision is also expected to activate necessary procedures on the Cypriot side, including cost recovery. At the same time, it will allow the restart of seabed surveys for the cable route, which were suspended in summer 2024 due to geopolitical tensions and Turkish interventions in international waters. Around 40% of studies in international waters off Kasos remain pending.
A key part of the strategy is opening the project to new investors. ADMIE reiterated that, beyond the participation of the Republic of Cyprus, there is scope for international capital to enter the shareholding structure, strengthening the project’s viability and financial base.
With information from Greek media energypress.gr and businessdaily.gr
