Cyprus and Greece have formally requested financing from the European Investment Bank (EIB) for the Great Sea Interconnector, underlining the project’s strategic value and regulatory backing.
In a joint letter sent on Monday, Greek Energy Minister Stavros Papastavrou and Cyprus Energy Minister Michalis Damianou called on the EIB to support the electricity interconnection project following the completion of a due diligence assessment.
The two ministers stressed that the project is fully incorporated into the National Energy and Climate Plans of both countries. They also referred to the Memorandum of Understanding signed in September 2024, which frames bilateral cooperation on the initiative.
According to the letter, EIB participation is considered critical, not only for financing but also for providing technical assessments on the project’s impact on system operations and market dynamics.
ENTSO-E position reinforces project status
The ministers also pointed to a recent decision by the European Network of Transmission System Operators for Electricity (ENTSO-E), which rejected a request to connect Turkey’s electricity grid with the northern part of Cyprus.
ENTSO-E reaffirmed that the Great Sea Interconnector is the only approved project linking the Republic of Cyprus to the European electricity network. It also underlined that any interconnection project requires the consent of the Republic of Cyprus to proceed.
The joint initiative aligns with broader European Union energy and climate objectives, as well as ENTSO-E’s Ten-Year Network Development Plan.