The Ministerial Council has authorized the Ministers of Finance and Energy to make a final investment decision on the Great Sea Interconnector, following the completion of certain control actions described in the proposal, announced Energy Minister Giorgos Papanastasiou.

Speaking after a session of the Ministerial Council, the Minister confirmed, "Today we affirm the intention of the Republic of Cyprus to participate in the share capital of the Great Sea Interconnector, formerly known as the Euroasia Interconnector, with an amount up to €100 million."

He explained that certain project viability reports need to be updated. "Studies will be conducted in collaboration with other interested parties, such as the Independent Power Transmission Operator (ADMIE) of Greece, which is also an implementing body." He added that investment funds, including the United Arab Emirates' TAQA fund, and of course, those of the Republic of Cyprus, are also involved.

Mr. Papanastasiou mentioned that a due diligence study on the legal and economic aspects of the project will also be conducted. Once these studies are completed and given the green light, he added, the Ministers of Finance and Energy will bring the recommendation for a final investment decision to the Ministerial Council.

"It should be noted that the project is an ambitious endeavor costing €1.9 billion, involving the electrical interconnection of Cyprus with Crete, and consequently with Europe, as Crete will soon be connected with mainland Greece. The interconnection also extends to Israel," he said.

He clarified that "the first connection with Crete involves an 879 km long electric cable, and the connection with Israel consists of a cable approximately 350 km long, reaching sea depths of 3 km. The Israel-Cyprus-Greece project will be funded by the European Commission with €657 million as a project of common interest."