Greece’s Independent Power Transmission Operator (IPTO, also known by its Greek acronym ADMIE) has submitted an investment request to the regulatory authorities of Cyprus and Israel to approve the Great Sea Interconnector (GSI) linking the two countries – and both with Greece – via an undersea power cable.
This request comes just a week after a deal was signed, at Prime Minister Kyriakos Mitsotakis’ office, with French investment group Merriam acquiring a 66% stake in the project.
It also comes days after Energy and Environment Minister Stavros Papastavrou communicated with his Israeli counterpart, Energy and Infrastructure Minister Eli Cohen.
The investment request was made in compliance with European Union rules and after a cost-benefit analysis and cross-border cost allocation have been completed.
The results of both studies confirm the financial viability of the project under all examined scenarios.
