The Cyprus-Greece electrical interconnection project “Great Sea Interconnector” is proceeding as planned, with completion expected by late 2029, Energy Minister George Papanastasiou told the Parliamentary Finance Committee during today’s 2025 budget discussions.
The minister said cable manufacturer Nexans will begin the first undersea cable laying in 2026.
Current seabed surveys are progressing without issues, with research vessels currently operating within national waters.
The government is expected to decide this month whether to participate in the share capital of Great Sea Interconnector (GSI), the subsidiary company being established to advance the project.
Two studies examining this option are forthcoming from an American firm and the European Investment Bank.
Papanastasiou outlined three options regarding the project’s €1.2 billion funding gap: allowing the implementing body to proceed independently, providing €100 million without acquiring shares, or investing €100 million to become a GSI shareholder.
He noted that shareholding would involve certain risks.
The committee was reviewing the Energy, Commerce and Industry Ministry’s budget for 2025 during the session.
