Updated Sept 4th 2025 — The European Public Prosecutor’s Office (EPPO) has confirmed it is investigating the Great Sea Interconnector (GSI) project, a major energy link planned between Cyprus, Greece and Israel. The office stated it will not release further details to avoid affecting the investigation’s outcome.
Project factsheet
- Project name: Great Sea Interconnector (GSI)
- Purpose: Link electricity grids of Cyprus, Greece, and Israel
- Initial manager: EuroAsia Interconnector Ltd (until October 2023)
- Current manager: Greece’s Admie (51% shareholder)
- EU grant approved: €658 million in January 2022
- Cyprus government loan: €100 million
- Pending payments: €25 million per year until 2029
- Key issue: Delays in seabed surveys and implementation of Admie’s commitments
Local reports suggest the probe focuses on the period before the project was transferred to Greece’s independent power transmission system operator, Admie. During that time, the Cyprus-based company EuroAsia Interconnector Ltd managed the project.
According to sources, EPPO is examining the involvement of a politically exposed person (PEP), their relatives, and a European Commission official. Allegedly, the PEP used their position to secure a €658 million grant from the European Commission in January 2022. The investigation also includes other government officials in Cyprus.
EPPO is reportedly reviewing how a private proposal without technical expertise or financing access gained a €100 million loan from Cyprus and approval from Brussels. Concerns also focus on European Commission pressure to replace EuroAsia’s management after the 2023 presidential elections.
EuroAsia handed the project to Admie in October 2023, receiving €48.8 million, which was then returned to Admie days later. This transaction is under scrutiny by EPPO.
Government spokesman Konstantinos Letymbiotis confirmed President Nikos Christodoulides was briefed on the investigation. He stressed the government supports full implementation of Admie’s obligations to ensure the project’s viability. He also noted Cyprus and Greece share a unified stance on the interconnector.
The project has faced delays over Admie’s request for €25 million from the Cypriot government to support operations. Cyprus had planned to use EU emissions trading funds for the payments, but Admie warned this could breach EU state aid rules. The government will reconsider payments once the project reaches a satisfactory stage, including completion of seabed surveys.
Agreement signed for the EuroAsia Interconnector project
Reported in July 2023 – A new agreement was recently signed for the EuroAsia Interconnector project. The agreement concerns the acquisition of a 25% share capital of the project by the Independent Electricity Transmission Operator of Greece (ADMIE).
Initially, for two years the company acted as the project’s technical consultant. Additionally, it contributed decisively to the project’s design maturation and financial support. The support amounting to 657 million euros came from the European mechanism Connecting Europe Facility (CEF).
This new agreement was welcomed by the Minister of Energy of Cyprus, Giorgos Papanastasiou and the Minister of Environment and Energy of Greece, Thodoros Skylakakis.
“The entry of the ADMIE in this emblematic project safeguards the technical and financing adequacy of the project. Additionally, it lays the groundwork for its timely completion by 2027. Particularly, the agreement is expected to be an acceleration factor for the signing of the contracts with the project contractors. The contractors have already been selected following a competitive process,” the energy ministries of Cyprus and Greece said.
Significance of the new EuroAsia Interconnector project agreement
The EuroAsia interconnector is a Project of Common Interest (PCI) of the European Union. Additionally, it is a priority Electricity Highway Interconnector Project linking Asia and Europe through Greek, Cypriot, and Israeli power grids.
Also Read: EuroAfrica (Egypt-Greece) Interconnector
The project comprises a 1,208-kilometre high-voltage direct-current submarine power transmission line. 310 kilometres of the electricity line run from Israel to Cyprus and 898 kilometres from Cyprus to Greece. The project will also comprise three converter stations with sea electrodes, interconnected by cables.
The completion of the EuroAsia Interconnector project will mark the electrical interconnection of Cyprus – the last non-interconnected EU member state – with the European transmission system. Consequently, this will ensure the island’s strong energy shield.
Israel, which reportedly does not have any electrical interconnection with its neighbours, will strengthen its security of supply owing to the project. Moreover, the country will gain the possibility to increase, further and faster, the participation of Renewable Energy Sources (RES) in its energy balance.
Once operational, the 500 kV interconnector will allow the transfer of 2000 MW.
