Nicosia: The agreement signed by the French investment group Meridiam to become the majority shareholder in the Great Sea Interconnector (GSI) project is set to create significant momentum for its implementation, according to Greek Minister of Environment and Energy Stavros Papastavrou. The GSI project aims to connect the electricity systems of Greece, Cyprus, and Israel, ultimately ending Cyprus' energy isolation.
According to Cyprus News Agency, the agreement was formalized at the Maximos Mansion in Athens with the presence of Greek Prime Minister Kyriakos Mitsotakis. The Minister emphasized the strategic importance of the Greece-Cyprus-Israel electricity interconnection, highlighting that Cyprus remains the only European Union member state without a connection to the European grid.
Speaking to Greek broadcaster OPEN TV, Papastavrou pointed out that Meridiam's involvement significantly enhances the project's prospects. The investment group is known for its expertise in similar complex subsea electricity interconnection projects, such as those linking the United Kingdom and Germany.
The Minister acknowledged the technical, geopolitical, and financial challenges involved in the project, stating that these issues cannot be resolved overnight. However, he expressed confidence that the new partnership would expand the project's stakeholder base and emphasize its importance as a European priority beyond just Greece and Cyprus.
Papastavrou stated that the completion of the Great Sea Interconnector will be a decisive step in ending Cyprus' energy isolation. It aims to enhance security of supply, facilitate greater integration of renewable energy sources, and strengthen the overall energy security of the Eastern Mediterranean region.
He also revealed that the cost-benefit analysis for the Cyprus-Israel section of the project will be completed soon and submitted to the regulatory authorities of both countries. Emphasizing the necessity of electricity interconnections for Europe's energy security, particularly in the Eastern Mediterranean, Papastavrou asserted Greece's determination to advance the Greece-Cyprus-Israel electricity interconnection.
Addressing Turkey's position, Papastavrou affirmed that Greece exercises its sovereign rights in accordance with international law and the United Nations Convention on the Law of the Sea (UNCLOS). He reiterated Greece's commitment to development, cooperation, and progress for all countries in the region, excluding coercive practices or threats.
"Greece's strategy for the Eastern Mediterranean is one of development, cooperation, and progress for all countries in the region, without exclusions, but also without accepting coercive practices or threats. Threats have no place in the modern Eastern Mediterranean," Papastavrou concluded.