The interest of major investors inside and outside Europe is attracted by the Greece-Cyprus electrical interconnection, a project with a budget of 1.9 billion euros, which, after the October agreement on the designation of ADMIE as the Implementing Agency, is on track for implementation.

“Since ADMIE assumed the role of implementing body, there is a very strong investment interest which is expected to be officially expressed in the next period, from various sides”, the president and managing director of ADMIE, Manos Manousakis, points out in his statements to APE. “The Cypriot government, he adds, is oriented to participate in the project, which will make its implementation easier. The next steps include the transfer of the licenses that have been issued and the contracts that have been signed to the new project implementer, while a critical milestone is the signing of a loan agreement with the European Investment Bank that must be done within the first quarter of 2024».

Last week, following the visit of Mr. Manousakis to Cyprus and the meetings he had with the President of the Republic of Cyprus Mr. Nikos Christodoulidis, the Minister of Energy, Trade and Industry Giorgos Papanastasiou, the Cyprus Energy Regulatory Authority (CERA) and the Transmission System Operator of Cyprus, it was announced that the first results of the relevant study commissioned are positive and that by the end of January the Cypriot government will decide whether to participate in the project. The participation of Cyprus is expected to be in the order of 100 million euros, while the Cypriot government together with ADMIE is expected to have the majority of the shares in the construction company of the project.

It is recalled that an agreement in principle has already been reached for the participation of an Israeli fund in the project, while in the framework of the COP 28 World Conference on Climate Change, a Memorandum of Understanding (MoU) was signed with the Dubai-based TAQA energy group also for the prospect of equity participation in special purpose company GreatSea Interconnector, established by ADMIE for the implementation of the interconnection.