The administrative structure of the Great Sea Interconnector was finalized, of its special purpose subsidiary ADMIE which implements the Greece-Cyprus-Israel electrical interconnection project, while at the same time the pre-financing of the project from European funds is increasing.

In particular, yesterday the company’s new Board of Directors was constituted, consisting of Manos Manousakis, Chairman of the Board, Ioannis Margaris, Deputy Chairman of the Board and members Eleni Zarikou, Ioannis Vretto, Liu Yin, Theodoros Tsakiris, and Nikolaos Frydas.

He was appointed as the Executive Director who will be overall responsible for the operation of the company Telemachus PanagiotidisADMIE executive with extensive experience in international projects who was – among others – project manager of the electricity interconnection of Crete-Peloponnese which was completed successfully and within schedule.

The Administrator’s management, moreover, met with its high-ranking executives Directorate General for Energy of the European Commission -who were in Athens on the occasion of the CESEC Ministerial Conference- in order to discuss the project schedule and the next steps regarding its financing by the European Commission and the European Investment Bank, following the order to start the construction of the Nexans cables which given at the end of 2023.

Indicative of the EU’s strong support for the project and the trust of the competent European authorities towards ADMIE – as the Administrator points out – is the increase in pre-financing from CINEA (European Climate, Infrastructure and Environment Executive Agency), from 55.2 million .euro of the original beneficiary (EuroAsia Interconnector) to 164.5 million euros, an amount that constitutes 25% of the total grant, which have already been collected.

The intensive and effective cooperation between ADMIE and CINEA -which manages the European grant to the project, totaling 657.9 million euros from the Connecting Europe Facility- and receiving all the pre-financing contribute decisively to the acceleration of the project.

The next milestone is the expansion of the share composition of the Great Sea Interconnector, as the final decision of the government of Cyprus is expected immediately. Meetings of the Manager’s Management and with other interested investors are planned for the next period. At the same time, discussions with credit institutions have already begun in order to finalize the financing scheme of the project in time.