GSI's final cost remains unclear

Uncertainty continues to surround the final financial requirements of the Great Sea Interconnector, as key institutions await critical technical updates before making definitive assessments.

The final price tag for the Great Sea Interconnector (GSI) — a planned subsea electricity cable designed to link the power grids of Cyprus and Greece — cannot yet be safely estimated, according to regulatory authorities. Speaking to members of parliament, Polis Lemonaris, head of the energy regulatory authority Cera, noted that the widely cited baseline figure does not appear realistic when compared against similar interconnector projects, as reported by the Cyprus Mail.

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Those financial projections intersect with broader regional development discussions. EIB Vice President Ioannis Tsakiris addressed the ongoing evaluations in an interview with Kathimerini ahead of the Economist Cyprus Summit, emphasizing that the bank is closely reviewing the initiative alongside Greece’s Independent Power Transmission Operator (IPTO / Admie). Tsakiris stressed that any further consideration of funding applications requires greater transparency regarding the project's technical, financial, and contractual parameters.

Subsea seabed surveys remain a decisive factor in determining the ultimate financial and operational scope. Surveys completed so far have not yet covered the most technically demanding sections of the maritime route. Authorities explain that restarting and completing these marine assessments, following a suspension lasting more than a year, will directly influence installation requirements, completion timelines, and overall expenses. If the surveys necessitate a rerouting of the subsea cable, total expenditures are expected to rise.

Physical progress on the infrastructure continues alongside the administrative reviews. Reports indicate that a significant portion of the interconnector cable has already been manufactured and laid on the seabed between Crete and Cyprus, while additional cable sections await deployment. Concurrently, regulatory bodies are awaiting formal updates regarding the corporate ownership structure of the project company following the entry of an international infrastructure investment firm holding a major stake, while Admie retains a strategic minority position and management oversight.

Discussions regarding financial contributions and governmental agreements also remain active. While policymakers previously outlined scheduled national contributions toward the development, the release of initial installments has been tied directly to the formal issuance of navigation warnings required for the resumption of marine surveys by Greek authorities.

What to Watch Next

• The formal issuance of upcoming navigation notices for marine surveys.
• Updated technical submissions and cost breakdowns from project developers to European lending institutions.
• Responses from project promoters regarding corporate ownership clarifications requested by energy regulators.