Greece, Cyprus Seek Funding for Power Link Project

Greece and Cyprus person jointly moved to unafraid backing for a large cross-border vigor project, formally requesting fiscal support from the European Investment Bank (EIB).

In a coordinated initiative, the two countries’ vigor ministers sent a associated missive to the EIB seeking financing for the Great Sea Interconnector (GSI), a large-scale energy nexus aimed astatine strengthening determination vigor connectivity. The petition follows caller updates to the project’s economical and technical parameters, arsenic referenced successful statements by the two nations’ leaders.

According to the letter, some governments person already incorporated the task into their respective National Energy and Climate Plans, underlining its strategic significance. The ministers besides pointed to a memorandum of understanding signed successful September 2024, which outlines the roadmap for advancing the initiative.

They emphasized that the EIB’s engagement astatine this stage is crucial—not lone for funding, but besides for providing technical assessments connected however the interconnection could interaction energy markets and the broader vigor system.

The missive further stresses the value of aligning the task with the latest European vigor policies, including web improvement plans and clime objectives acceptable by the European Union.

The entreaty comes amid broader discussions implicit determination vigor integration. It is noted that the lone approved task linking Cyprus to the European energy grid is the Great Sea Interconnector, with immoderate alternate proposals requiring the consent of the Cypriot government.

Source: tovima.com