Cyprus Nears Implementation of Great Sea Interconnector with Greek and French Support

President Nikos Christodoulides declared that Cyprus is now closer than ever to moving the Great Sea Interconnector (GSI) from planning to execution, following a fresh agreement with Greece and the participation of French investment group Meridiam. He described Meridiam’s role as decisive for both financing and geopolitical considerations and confirmed a comprehensive accord with Greek Prime Minister Kyriakos Mitsotakis.

The president mentioned that the issue was raised during his trip to El-Alamein and that his diplomatic team met the French embassy in Nicosia to discuss the project. Mitsotakis is also slated to talk about the interconnector with French President Emmanuel Macron in Paris. Finance Minister Makis Keravnos cautioned that the €1.9 billion estimate covers only the subsea cable and omits costs such as insurance, storage and maintenance, raising doubts about overall affordability. Energy Minister Michalis Damianos framed the interconnector primarily as a measure for energy adequacy and security, not a guaranteed way to lower electricity prices.