1. What is the Great Sea Interconnector?
The Great Sea Interconnector is a major electricity infrastructure project that will connect Greece and Cyprus through a submarine electricity transmission system.
The project will have an initial transmission capacity of 1,000 MW and will enable electricity to flow in both directions between Cyprus and the interconnected European electricity network.
Great Sea Interconnector S.A. (GSI), jointly owned by Meridiam (66%) and IPTO (34%), is the project company established to deliver the interconnection.
2. Why is the project important?
Cyprus is the last European Union Member State without an electricity interconnection to the European electricity network.
The Great Sea Interconnector will end this isolation, improving security of supply and enabling Cyprus’s participation in the European electricity market.
The project will facilitate increased renewable energy integration and reduced reliance on imported fuels. It will support the energy transition and contribute to a more competitive electricity market, benefiting consumers.
3. Will the interconnector reduce electricity costs?
By increasing connectivity between electricity markets, the interconnector will create opportunities for consumers to benefit from more competitive electricity prices.
The project will also strengthen grid resilience and flexibility, facilitate greater integration of renewable energy sources and help make electricity more affordable for consumers over time.
4. How is the project financed?
The project is being developed under a long-term infrastructure investment framework, combining shareholder investment, European Union grant funding and other financing sources to be secured as part of the project’s financing arrangements.
The Crete–Cyprus interconnection has been awarded approximately €657 million in grant funding through the European Union’s Connecting Europe Facility.
5. Who are the shareholders of Great Sea Interconnector S.A.?
Great Sea Interconnector S.A. is a project company jointly owned by Meridiam, holding 66%, and IPTO, holding 34%.
Meridiam is an international long-term infrastructure investor and asset manager. IPTO is Greece’s independent electricity transmission system operator.
The two partners combine infrastructure development, financing and operations expertise with specialist experience in electricity transmission.
6. What is the relationship between GSI and the Cyprus–Israel interconnection?
The original EuroAsia Interconnector initiative envisaged an electricity connection between Greece, Cyprus and Israel.
Under the European Union’s Projects of Common Interest framework, this initiative comprises two separate interconnections: Greece–Cyprus (PCI 2.6.2) and Cyprus–Israel (PCI 2.6.1).
Great Sea Interconnector S.A. is the dedicated project company for the Greece–Cyprus interconnection. The Cyprus–Israel interconnection is being developed separately by IPTO.
7. What is the project’s current development status?
The project is progressing through the technical, regulatory and financing activities required for its implementation.
These activities include submarine cable manufacturing, seabed surveys, engineering, regulatory coordination and financing preparations.
The Project Progress section provides updates on significant milestones.
8. What are the main environmental benefits?
The interconnection is expected to facilitate the integration of renewable electricity, improve electricity system flexibility and significantly reduce Cyprus’s dependence on imported fossil fuels over time.
By enabling electricity exchanges between different markets, GSI will support a more integrated and resilient electricity system.