Joint request Greece and Cyprus for financing an energy project of strategic importance.
A joint Letter to the European Investment Bank (EIB) was sent today by the Minister of Environment and Energy, Mr. Stavros Papastavrou with his Cypriot counterpart, Mr Michael Damianos, requesting EIB financing for the Great Sea Interconnector (GSI) project, following a due diligence study.
According to reports, in their letter, the two Ministers assure that both Member States have included the GSI in their National Energy and Climate Plans, underlining that in September 2024 Athens and Nicosia signed a Memorandum of Understanding on the further development of the project.
In addition, both Ministers underline that the EIB’s involvement at this stage is extremely important, as it could also provide very useful assessments on the impact of the interconnection on the dynamics of the electricity market, but also on the overall operation of the system.
The joint letter also stresses that it is crucial to ensure consistency with the most recent National Energy and Climate Plans, the ENTSO-E Ten-Year Network Development Programme, as well as the European Union’s energy and climate policy objectives.
Recall that ENTSO-E rejected the Turkish side’s request regarding the electrical interconnection with the occupied territories, noting that the only approved project to interconnect the Republic of Cyprus with the European electricity system is the Great Sea Interconnector.
In fact, the European body said that no project can proceed without the consent of the Republic of Cyprus.
