The “Great Sea Interconnector” (GSI) project has seen significant progress in the phase of laying an undersea electric cable between the Republic of Cyprus and Israel. A new step has been taken in the project, and these developments may be critical for the future of the initiative.
The contractor of the GSI project, the “Independent Electricity Transmission Operator” (ADMIE), has submitted an official investment request to the authorities in Cyprus and Israel. This application is regarded as an important step towards securing the necessary financing for the project. It has been reported that ADMIE has prepared reports demonstrating the sustainability of the electric cable to be established between Cyprus and Israel.
In this context, it was expressed that ADMIE has requested both countries’ electricity regulators to evaluate the cost-sharing issue concerning the cable connection. The developments were highlighted as an important indicator of the project’s sustainability.
Additionally, it has been observed that this step was taken following an agreement reached between ADMIE and the “Meridiam” company. Meridiam is now a new partner in the Greek-Cypriot segment of the project, while ADMIE is also aiming to acquire new partners for the Cyprus-Israel segment.
Following the agreements to be made between the two countries and the progress of the process, a final investment decision (FID) is planned to be taken. It is stated that the financing process will be initiated in the later stages of the project. The GSI project is also reported to be supported by the European Union, with an anticipated transmission capacity of 1000 MW of electricity.
Other media outlets have published news on this topic under different headlines. The Politis newspaper reports the situation with the title “GSI One Step Closer – Cyprus-Israel Segment is Progressing.” Fileleftheros uses the headline, “ADMIE Submitted Application for the Israel-Cyprus Cable,” while Haravgi announced with the expression, “They Are Rushing for the Next Phase of the Cyprus-Israel Electric Connection.”
Source: www.yeniduzen.com
