French President Emmanuel Macron told Greek Prime Minister Kyriakos Mitsotakis that France is ready to proceed with seabed surveys for the Greece-Cyprus electricity interconnector, according to sources cited by Kathimerini tis Kyriakis. France has a direct stake in the project, as the French company Meridiam has acquired a majority shareholding in the company behind the Great Sea Interconnector (GSI).
"We support the project, we are ready to start soon with a French-flagged vessel," Macron is reported to have told Mitsotakis. The French flag on the survey vessel is expected to serve as a political shield against possible Turkish reactions, with Paris taking on the responsibility of managing any potential friction with Ankara. The surveys are scheduled to take place between the end of September and early November.
Financial viability
At the same time, the Cypriot government maintains its support for the GSI, but with increased requirements regarding its financial viability. Speaking to Kathimerini Cyprus, Energy Minister Michalis Damianos said the project would secure Cyprus's electricity supply and carries significant geopolitical value, though he stressed that its cost is expected to add to the price of electricity.
The minister noted that the Republic's final position will depend on updated techno-economic data, through a due diligence study by the European Investment Bank, expected to be completed before the end of the year. In the event of a significant cost increase, additional European or other funding will need to be secured, while extending the repayment period to limit the burden on consumers is also being considered.
Damianos welcomed Meridiam's involvement, stressing that it reduces geopolitical concerns. The project remains under the responsibility of DAPEEP/IPTO (ADMIE), with a target completion date of around the end of 2031.
