Athens, Greece. Greece will hire an external adviser to review costs for the delayed Great Sea Interconnector undersea power cable project linking mainland Europe to Cyprus, Energy Minister Stavros Papastavrou said on Tuesday.
Project overview and delays
The Great Sea Interconnector has a budget of 1.9 billion euros ($2.26 billion), partly provided by the European Union. The project has been delayed by geopolitical tensions in the eastern Mediterranean and by repeated requests from Cyprus for clarifications on total cost, viability and liabilities related to unforeseen delays.
Developer and planned capacity
Greek transmission operator IPTO ADMr.AT is building the link, which is planned to have a capacity of 1,000 megawatts. IPTO took over the project in late 2023 from a Cyprus-based operator that had worked on it for about a decade.
Investor outreach and updated figures
Greece and Cyprus have reaffirmed their commitment to the cable in recent months, and Cyprus has said it approached the United Arab Emirates for possible cooperation. Papastavrou said updated figures would be provided by an external firm and used to attract investors from the Middle East or the Americas, adding that a broader investor base would support implementation.
Cable supply contract
French cable maker Nexans, which has a 1.4 billion euro contract to supply the cable, said this month it was renegotiating the delivery schedule and acknowledged delays.
What impact do you think an updated cost review could have on attracting new investors to the project?