Cyprus and Greece have jointly moved to launch a due diligence study for the electrical interconnection between the two countries to advance the Great Sea Interconnector project.
Phileleftheros has learned that Energy Minister Michalis Damianou and his Greek counterpart, Stavros Papastavrou, sent a joint letter to the European Investment Bank (EIB) earlier today. The letter formally requests a due diligence study for the interconnection project between Greece, Cyprus, and Israel, which could lead to potential funding from the bank.
An official source told Phileleftheros that the joint request to the EIB, an international body with a key role in evaluating and financing major energy infrastructure, marks a significant step forward. The bank has had previous involvement and is familiar with the project.
In the letter, the two governments highlight that the Great Sea Interconnector is of strategic importance for the region and Europe. The project is already included in the National Energy and Climate Plans of both countries and has secured €658 million in funding from the European Commission.
The decision to conduct a new study for the electrical interconnection was taken by President Christodoulides and Prime Minister Mitsotakis during a meeting in Athens last November.
