Meridiam SAS, a French infrastructure investment firm, is acquiring a 49.9% stake in the €1.9 billion Great Sea Interconnector (GSI) project, which will connect the electricity grids of Greece, Cyprus, and Israel via subsea cables in the Eastern Mediterranean. The project aims to integrate Cyprus into Europe’s power grid and enhance energy security in Israel. Greece’s Independent Power Transmission Operator (IPTO) will retain a 50.1% share. Construction of the first phase, connecting Cyprus and Greece, began in 2023, with the EU providing €657 million in funding for the Cyprus-Crete segment.
Tag: Great Sea Interconnector
Greece and Israel are reportedly ready to sign a significant energy cooperation agreement in Athens, with a primary focus on the long-delayed Great Sea Interconnector project. This strategic initiative involves deep-sea electrical connections between Greece, Cyprus, and Israel, which has faced challenges due to unresolved issues between Cyprus and Greece. The agreement is expected to include additional collaborations in renewable energy, energy storage, and hydrogen projects.
Israeli Energy Minister Eli Cohen has canceled his planned visit to Athens where he was due to sign a significant energy agreement with Greece. The cancelation was due to a critical cabinet meeting on a ceasefire with Hezbollah. The agreement, focusing on the Greece-Cyprus-Israel electrical interconnection project and broader energy collaborations, remains unscheduled.
Greece is set to transform its energy infrastructure with a 1 GW undersea power link connecting the mainland to the Dodecanese islands by 2027. The €1.42 billion project, led by the Independent Power Transmission Operator (IPTO), will replace costly diesel generators with renewable energy, enhancing grid stability and cutting carbon emissions. This interconnection is part of a broader plan to link all major Aegean islands to the mainland by 2030, paving the way for sustainable energy development in the region.
Greek Prime Minister Kyriakos Mitsotakis met with French President Emmanuel Macron and Cypriot President Nicos Christodoulides at the UN General Assembly to discuss the Gaza situation and the Great Sea Interconnector project. They also prepared for the upcoming MED9 summit. Mitsotakis will later pitch Greece's economy to investment funds.
Cyprus and Greece have made progress in talks on the Great Sea Interconnector, a €2.4 billion project to link Europe's energy grid to the Middle East via an underwater electric cable. The interconnector, set to be the world’s longest and deepest, will connect Greece, Crete, Cyprus, and eventually Israel. While the EU has pledged partial funding, the project faces potential geopolitical risks, particularly involving Turkey.
Discussions among the stakeholders in the Crete-Cyprus electricity interconnection project seem to be making progress…
The future of the Great Sea Interconnector, an undersea electricity cable linking Greece, Cyprus, and Israel, will be decided next month. Cyprus' Energy Minister, George Papanastasiou, announced that a ruling on whether Cypriot consumers will cover the construction costs is expected in August. The 1.9-billion-euro project, partly financed by the EU, aims to reduce energy isolation and lower prices through increased renewable energy.
In a significant development for Cyprus' energy sector, the implementation of the Greece-Cyprus electrical interconnection,…
The Great Sea Interconnector project, a 2,000MW high-voltage direct current (HVDC) cable initially conceived in…
Greek power grid operator IPTO, project promoter of the Great Sea Interconnector, a 1.9 billion-euro…