Cyprus' Energy Minister Confirms Progress of Great Sea Interconnector

Cyprus' Energy Minister Michalis Damianos has confirmed that the Great Sea Interconnector is progressing as planned, with the project set to pass through Cyprus. The minister denied reports that the project would proceed without Cypriot participation, citing the agreement between President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis. A new investor has joined the project, and a due diligence study is expected to determine the exact cost and how it will be covered. The European Union is covering €658 million of the project's costs, but the minister noted that the project's financial sustainability will depend on the costs and the amounts that can be invested. He emphasized the need to find additional investors to minimize the impact on Cypriot consumers, who will contribute to the cost through their electricity bills.