Independent power transmission operator Admie has received approval to submit a request to the European Investment Bank (EIB) for the funding of a due diligence study on the Greece-Cyprus electricity interconnector (GSI) project, according to a report from the Cyprus News Agency (CNA).
The approval allows Admie, as the project promoter, to proceed with clarifying the updated techno-economic parameters of the interconnection, including potential changes in cost and feasibility.
The same sources cited by the agency indicate that the green light was confirmed on Tuesday afternoon during a meeting involving Cyprus Energy Minister Michael Damianos, Greek Energy Minister Stavros Papastavrou, and EU Energy Commissioner Dan Jorgensen.
The meeting was also attended by Deputy Minister to the President Irene Piki, Greek Deputy Minister of Environment and Energy Nikos Tsafos, as well as representatives of Admie and the European Investment Bank.
Last month, the energy ministers of Cyprus and Greece had already informed the EIB of Admie’s intention to submit the funding request for the study.
The decision by Cyprus and Greece to proceed with updating the economic and technical parameters of the project was first announced in November 2025 by President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis following the third intergovernmental summit between the two countries.
The aim of the update is to enable the project to potentially attract new investors, while ensuring that its revised structure reflects current financial and technical realities.
According to the information obtained, the timeline for carrying out the study, which will determine the updated cost of the project, is expected to be announced in the coming weeks.
Sources also indicated that the cost of the interconnector may have increased compared to earlier estimates, making the updated assessment a critical step in the project’s development.
The Greece-Cyprus interconnection is regarded as a strategic infrastructure project aimed at enhancing energy security, grid stability and market integration between Cyprus and the European electricity system.
The latest developments align with broader EU support for the project, as highlighted in recent public statements linked to the interconnector.
“The European Union’s commitment to the electricity interconnector is crystal clear,” Jorgensen stressed in remarks reported on Tuesday evening, underlining the bloc’s continued backing for the project.
The commissioner also emphasised the importance of the interconnector in strengthening Cyprus’ energy resilience and reducing its isolation from the European grid.
The project forms part of wider efforts to integrate Cyprus into the EU energy market, reduce reliance on isolated generation systems and support the transition towards cleaner energy sources.
At the same time, the due diligence study is expected to provide clarity on investment requirements, funding structures and risk factors, which are seen as essential for advancing the project to the next phase.
