Energy regulator green-lights €25 million for Great Sea Interconnector
The energy regulator on Thursday gave a provisional green light to the payment by Cyprus of €25 million to the project promoter for the Great Sea Interconnector, the planned subsea electricity cable linking the island to Greece.
In a statement, the Cyprus Energy Regulatory Authority (Cera) said it has approved the payment of €25 million for the period January 1, 2025 through to December 31, 2025.
However, the payment will be contingent on the project promoter – Greece’s independent power transmission operator or Admie – securing the owner’s license as well as the operating license for the proposed interconnector.
Media reports said that Admie – despite taking over as project promoter – has yet to obtain the owner’s license from the previous owner, EuroAsia Interconnector Ltd, a Cyprus-based company.
Cera said that it has given the provisional approval for the €25 million after verifying that Admie made investment expenses on the project totaling €82 million. The €82 million concerns the period up until July 21 this year.
Cera will notify its decision to the EU Agency for the Cooperation of Energy Regulators, to the European Commission’s Directorate-General for Energy, and to Admie.
The Great Sea Interconnector is designated as a Project of Common Interest. The European Commission has pledged €657 million – via the Connecting Europe Facility – to the Greece-Cyprus segment of the planned cable.
Admie had asked the Republic of Cyprus to pay a total of €125 million between 2025 and 2029 – before the interconnector is operational, in effect helping finance the project and ensuring that Admie will have a stable income while investing in the project before the project itself turns a profit.