Great Sea Interconnector secures €164.5M boost in European funding

The Independent Electricity Transmission Operator of Greece (ADMIE) has announced a substantial increase in European funding for the Great Sea Interconnector project, soaring from €55.2 million to €164.5 million.

The project, facilitating electrical connections between Greece, Cyprus, and Israel, also finalized its administrative structure.

ADMIE revealed plans for the expansion of the project's shareholder composition, pending the Cyprus government's definitive decision. The European Commission's Directorate-General for Energy expressed strong support during discussions, emphasizing the project's pivotal role in regional energy connectivity.

The European Climate, Infrastructure, and Environment Executive Agency (CINEA) boosted pre-financing by 25%, reaching €164.5 million. The close collaboration between ADMIE and CINEA accelerates project milestones, further highlighted by ongoing discussions with potential investors.

ADMIE's new Administrative Board, led by Chairman Manos Manusakis, underscores commitment to project governance. Telema­chos Panagiotidis, appointed Executive Director, brings extensive experience, having successfully managed the Crete-Peloponnese electrical interconnection project.

The project's momentum is evident, with financial closure discussions underway and a focus on broadening shareholder participation. The recent developments mark significant progress in establishing the Great Sea Interconnector as a cornerstone in European energy infrastructure.

[With information sourced from CNA]