greece-cyprus interconnector — greece-cyprus interconnector — The Greece-Cyprus electricity interconnector project (GSI) has received a significant boost with the approval granted to independent power transmission operator Admie to seek funding from the European Investment Bank (EIB) for a due diligence study.
This approval enables Admie to clarify the updated techno-economic parameters of the interconnection, including potential changes in cost and feasibility. The green light was confirmed during a meeting attended by key figures, including Cyprus Energy Minister Michael Damianos, Greek Energy Minister Stavros Papastavrou, and EU Energy Commissioner Dan Jorgensen.
Last month, the energy ministers from Cyprus and Greece had already informed the EIB about Admie’s intention to submit this funding request, setting the stage for the project’s next steps. The decision to update the project’s economic and technical parameters was first announced in November 2025 by President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis during the third intergovernmental summit between their countries.
The goal of the update is to attract new investors and ensure that the revised project structure aligns with current financial and technical realities. Sources indicate that the timeline for conducting the study, which will assess the updated project cost, is expected to be announced soon.
As the project progresses, it is believed that the cost of the interconnector may have risen compared to earlier estimates. This updated assessment is crucial for the project’s development, as the Greece-Cyprus interconnection is considered a strategic infrastructure initiative aimed at enhancing energy security, grid stability, and market integration between Cyprus and the European electricity system.
Recent developments reflect broader EU support for the project, as highlighted in public statements linked to the interconnector. Commissioner Jorgensen emphasised the European Union’s clear commitment to strengthening Cyprus’ energy resilience and reducing its isolation from the European grid.
The interconnector is part of wider efforts to integrate Cyprus into the EU energy market, diminish reliance on isolated generation systems, and support the transition to cleaner energy sources. The due diligence study is anticipated to provide essential clarity on investment requirements, funding structures, and risk factors, paving the way for the project to advance to its next phase.
