Nicosia, Cyprus. Independent power transmission operator Admie has received approval to submit a request to the European Investment Bank (EIB) for funding a due diligence study on the Greece-Cyprus electricity interconnector (GSI) project, according to a Cyprus News Agency report.
EIB request to support updated project assessment
The approval allows Admie, as the project promoter, to proceed with clarifying the updated techno-economic parameters of the interconnection, including potential changes in cost and feasibility.
Meeting with Cyprus, Greece and EU officials
The green light was confirmed on Tuesday afternoon during a meeting involving Cyprus Energy Minister Michael Damianos, Greek Energy Minister Stavros Papastavrou, and EU Energy Commissioner Dan Jorgensen. The meeting was also attended by Deputy Minister to the President Irene Piki, Greek Deputy Minister of Environment and Energy Nikos Tsafos, as well as representatives of Admie and the European Investment Bank.
Prior notification to the EIB
Last month, the energy ministers of Cyprus and Greece had informed the EIB of Admie’s intention to submit the funding request for the study.
Decision announced after 2025 summit
The decision by Cyprus and Greece to proceed with updating the economic and technical parameters of the project was first announced in November 2025 by President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis following the third intergovernmental summit between the two countries.
Investor appeal and potential cost increase
The aim of the update is to enable the project to potentially attract new investors, while ensuring that its revised structure reflects current financial and technical realities. The timeline for carrying out the study, which will determine the updated cost of the project, is expected to be announced in the coming weeks. Sources also indicated that the cost of the interconnector may have increased compared to earlier estimates.
Strategic role of the interconnector
The Greece-Cyprus interconnection is regarded as a strategic infrastructure project aimed at enhancing energy security, grid stability and market integration between Cyprus and the European electricity system.
What do you expect will be the most important outcome of the updated due diligence study for the project’s next steps?
