Greece-Cyprus Electricity Interconnection Attracts Global Investors
The Greek-Cypriot electricity interconnection, which is a €1.9 billion project, attracted the interest of European and non-European investors.
This comes following the placement of the Independent Power Transmission Operator (ADMIE) in charge of the project’s implementation, ekathimerini website reported.
“Since ADMIE assumed the role of implementing body, there has been very strong investment interest, which is expected to be expressed officially in the next period, from various sides,” said the president and managing director of ADMIE, Manos Manousakis.
The government of Cyprus “is gravitating toward participating in the project, which will make its implementation easier,” he said. “The next steps include the transfer of the licenses that have been issued and the contracts that have been signed to the new project implementer, while a critical milestone is the signing of a loan agreement with the European Investment Bank that must be done within the first quarter of 2024,” Manousakis added.
Cyprus’s participation is set to be in the order of €100 million, while ADMIE and the Cypriot government are believed to own the majority of the shares in the company constructing the project.
