Greece signs deal with France for Great Sea Interconnector, boosting regional energy security

Greece's Minister of Environment and Energy, Stavros Papastavrou, announced that a significant agreement has been signed, creating new momentum for the Great Sea Interconnector (GSI) project. The deal, signed in Athens in the presence of Prime Minister Kyriakos Mitsotakis, brings the French investment group Meridiam on board as the majority shareholder of GSI.

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This significant agreement creates a new, strong dynamic for the acceleration and implementation of the GSI.

"Essentially, ADMIE (Hellenic Electricity Transmission Operator) is joining forces with a very large French investment group, which has already completed a similar project, the undersea electrical interconnection between the United Kingdom and Germany, a 2.8 billion euro undertaking of comparable technical difficulty," Papastavrou explained in a television interview. He acknowledged that the GSI project faces technical, geopolitical, and economic challenges, but stressed that the new dynamic created by the agreement will help address these difficulties more effectively.

Papastavrou emphasized that the GSI is not just a national issue for Greece, Cyprus, or Turkey, but a European concern. He highlighted that the agreement underscores the strong relationship between Greece and France. The project is expected to end Cyprus's energy isolation and bolster energy security throughout the Eastern Mediterranean region.

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Essentially, ADMIE is joining forces with a very large French investment group, which has already completed a similar project, the undersea electrical interconnection between the United Kingdom and Germany, a 2.8 billion euro undertaking of comparable technical difficulty.

Regarding the Cyprus-Israel segment of the interconnector, Papastavrou mentioned that a cost-benefit study is nearing completion and will be submitted to the regulatory authorities of both countries. He reiterated the necessity of electrical interconnections for Europe's energy security, particularly in the Eastern Mediterranean, stating that Greece is moving forward with decisive steps to complete the Greece-Cyprus-Israel electrical interconnection.

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No one said that all these problems are solved as if by magic in one day. One thing is certain, the creation of this new strong dynamic certainly helps to tackle all these difficulties in a much better way. Because it essentially broadens the base of participants. It is not a matter for Greece, Cyprus, Turkey. It is a European issue.

Addressing Turkey's stance, Papastavrou stated that Greece will protect itself by relying on its own strengths while also building strong alliances in a complex, rapidly changing world. He asserted that exercising sovereign rights is independent of any reactions and is based on determination within the framework of international and maritime law. Greece's strategy for the Eastern Mediterranean, he concluded, is one of creation, development, and progress for all regional countries, without exclusion and without accepting blackmail or threats.

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The electrical interconnections are necessary for the energy security of Europe. And mainly of the Eastern Mediterranean. So, we are moving forward with decisive steps, so that the electrical interconnection of Greece – Cyprus – Israel can be completed.