The Great Sea Interconnector (GSI) plans to connect transmission networks in Greece and Cyprus as well as Israel via the Mediterranean seabed.
Once completed, the estimated €2.4bn ($2.67bn) project will be the largest and deepest high voltage direct current interconnector in the world, at 1240km in length and 3000m in depth.
The project, however, has been riddled with complications and delays.
Given its transnational nature, the cable requires consensus among all relevant jurisdictions, including Cyprus and its regional rival Turkey, pointing to potential geopolitical risks that may complicate the project’s progression.
Financing has also been an issue, with Cyprus expressing uncertainty over what it would be required to contribute.
The EU has said it is open to financing part of project, while Abu Dhabi’s TAQA signed an MOU last December with the Independent Power Transmission Operation of Greece and the Cypriot government to invest and become a shareholder in the project.
Nevertheless, Cypriot deputy government spokesperson Yiannis Antoniou said: “Consultations among the parties continued in recent days and there has been progress.”
He added that discussions would carry on in the upcoming cabinet meeting as well as a meeting between Cypriot President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis scheduled in Athens later this week.
Last Thursday (12 September), Israel’s Energy Minister Eli Cohen said on X that he spoke with Cypriot Minister of Energy, Trade and Industry George Papanastasiou on the “great importance of the GSI project to Israel”, which he believes will strengthen energy security in the region.
Cyprus hopes that the cable will help end its energy isolation and increase the share of renewable electricity in the country’s energy system by accessing European energy sources.
According to Power Technology’s parent company, GlobalData, electricity generated from fossil fuels constituted 93.37% of Cyprus’ energy mix in 2023.
