The participation of the Republic of Cyprus in the Great Sea Interconnector, with an amount of up to €100 million, was approved by the Cabinet today.
The project concerns the electrical interconnection of Cyprus with Greece (via Crete) in the first phase and Cyprus with Israel in the second phase.
According to the Minister of Energy’s remarks after the session, the final investment decision will be made after certain checks described in the proposal, and authorization for handling the matter was given by the Cabinet to the Ministers of Energy and Finance.
As he explained, some sustainability reports of the project will be updated, and studies will be conducted, jointly with other interested parties, such as the DMS, investment funds like TAQA from the United Arab Emirates, and the Republic of Cyprus.
Furthermore, a due diligence study on the legal and economic aspects of the matter will be conducted.
Once the green light is given by these studies, the two ministers will submit a proposal for the final investment decision to the Cabinet.
