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| There currently exist but a handful of vessels capable of laying a subsea cable at 3,000 metres – the depth in some areas between Crete and Cyprus |
‘I’m not against the project. I want it to make sense’
Amid the hype over the Great Sea Interconnector, following the entry of French asset management firm Meridiam, one energy expert has called for a reality check, noting that several questions hang over the technical aspect of the project.
“The most important thing remains the viability of the project,” said Constantinos Hadjistassou, an energy researcher and professor at the University of Nicosia.
After Meridiam’s acquisition of 66 per cent of the shares, Hadjistassou says that we still don’t know for certain the shareholding structure of the project.
“It looks like Admie remains the dominant player. Therefore, questions still remain over the management and governance of the project.”
Also, the new feasibility study by the European Investment Bank is pending.
Another point: a study had been done in the past by academics of the National Technical University of Athens (Metsovio), and commissioned by Admie. It dealt with the question of how much Cypriot consumers would benefit from the GSI. The report produced a sanguine answer.
But in Hadjistassou’s opinion, that study utilised a number of “unrealistic assumptions”.
Also, we don’t know the precise route of the cable. It will start on the seabed off the coast of Crete.
“Meantime the technology is not yet mature to lay cables at such depths. We’re not sure of the project’s final price tag, whether there will be cost overruns, and who would shoulder these extra costs.”
There currently exist but a handful of vessels capable of laying a subsea cable at 3,000 metres – the depth in some areas between Crete and Cyprus.
For example, only in April of this year did the Jan De Nul company launch its second such vessel, reportedly able to install cables in ultra-deep waters down to 4,000 metres.
But the industry norm is around 2,100 metres, said Hadjistassou.
“Perhaps the particular vessel to be used for the GSI can be adapted and customised for this project – but again, that remains to be seen.”
Significantly, says the expert, the geo-hazards have yet to be identified: submarine trenches, submarine volcanoes, turbidity currents. As the cable will lie on the seabed – it won’t be buried – it needs to be stable.
The geology and seabed morphology will necessarily affect the route of the electricity cable. And if more cable is needed, that would raise the cost.
There’s more. With the GSI, Cyprus would buy/import renewable energy from Greece – specifically wind energy.
But Hadjistassou said that Greek wind turbines currently don’t generate enough capacity for Greece’s own needs, let alone for exports.
When the sun goes down, that’s when there is more demand for energy. This is the relevant time slot – say from 7 to 9pm approximately. This is when Cyprus would need to import energy.
Due to technical considerations – connections on land – most of the imported renewable energy would have to come from Crete itself. However, in Greece most of the wind energy capacity is located on the mainland and on some islands (other than Crete).
The European Commission has pledged €657 million in support of the interconnector project.
Hadjistassou did not know what sum of this €657 million has actually been disbursed to date. But he knew of around €15 million disbursed for a pre-FEED – basically on seabed mapping data.
In the meantime, there hasn’t been yet a full notice to proceed for the interconnector. Only then would the EU release the funds, and do so in tranches while monitoring progress.
“I’m not against the project,” Hadjistassou stressed. “I just want answers, I want it to make sense.”
Much has been said about the imported electricity competing with renewables generated here in Cyprus.
The argument is that greater competition would drive prices down.
Though it sounds good on paper, it’s not an absolute – it depends on the particulars.
Hadjistassou explained: “Because of the timing – electricity imported at nighttime – this energy would compete only with battery storage and conventional energy produced in Cyprus. It would not compete with solar, which we have plenty of.”
Back to Meridiam’s buy-in, we asked the expert what the 66 per cent share corresponds to in monetary terms.
Hadjistassou offered an educated guess, a ballpark estimate of €25 million.
He based his estimate on the fact that when EuroAsia Interconnector – the former project promoter – sold its entire share to Admie, EuroAsia got €48 million.
EuroAsia quit the project entirely in October 2023, handing over the baton to Greece’s Admie.
About a year ago, in September 2025, the European public prosecutor’s office (Eppo) confirmed that it launched an investigation into the GSI.
The Eppo is investigating how a proposal from a private individual, without the requisite technical savvy or access to external financing managed to get backing from the Republic of Cyprus – a €100 million loan – and later backing from Brussels.
Meanwhile Phileleftheros reported that Cyprus’ position on funding the GSI has not changed despite Meridiam’s acquisition of a majority stake in the project.
Citing sources, the daily said Nicosia still plans to make payments only once Greece issues a Navtex clearing the way for seabed surveys.
The paper said that attention has now shifted to Nicosia’s next moves on two fronts: whether it will pay the sums Admie had been claiming, which the French company would then pursue on GSI’s behalf, and whether it will take an equity stake in GSI and shoulder part of the construction cost in exchange for a share of future profits.
