President Nikos Christodoulides said on Wednesday that Cyprus was closer than ever to seeing the Great Sea Interconnector (GSI) project move towards implementation, following an agreement with Greece and the entry of French investment company Meridiam.
“For the first time since 2012, when the issue of the GSI began, we have substantial developments towards the implementation of this specific project,” Christodoulides said.
He said Meridiam’s involvement was “decisive” for both the financial and geopolitical aspects of the project and stressed that progress was based on a “full agreement” with Greek Prime Minister Kyriakos Mitsotakis.
Christodoulides said the issue had been discussed during his visit to El-Alamein on Tuesday, while his diplomatic office met the French embassy in Nicosia on Wednesday specifically in regard to the interconnector.
Mitsotakis was also due to discuss the project with French President Emmanuel Macron in Paris, he said.
The comments came a day after Finance Minister Makis Keravnos warned MPs that the GSI could cost considerably more than the widely cited €1.9 billion figure, which covers the subsea cable itself but excludes other expenses including insurance, storage and maintenance.
Keravnos also questioned whether the project would ultimately reduce electricity prices, saying “we’re not sure that the price of energy would come down” with the GSI.
Energy Minister Michalis Damianos has said the interconnector should be viewed primarily as a project for energy adequacy and security rather than lower electricity prices.
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