Fid Financial Close

financial

Black Sea Submarine Cable

Approximately December 2029

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Event Details

Event Type:Fid Financial Close

Category:financial

Date:Approximately December 2029

Date Precision:approximate

Event Signals

Positive

Project advancing - milestone achieved

High Impact

Major milestone or critical setback

Description

DELAYED +5yr (Apr 2026): World Bank ISR (Mar‑2025) shows ESPIRE Phase 1 only became effective in Feb‑2025 and seabed survey activities had not started. A GSE board member told Argus in Jan‑2026 that 2026 is for seabed‑survey consulting, 2027–28 for marine studies and ESIA, then permitting, with COD only in 2032. FID in early 2025 is impossible; a realistic FID is around 2029 after permits. --- According to a World Bank project document, a final investment decision (FID) for the Black Sea Submarine Cable (BSSC) interconnection between Georgia and Romania is not expected before early 2025, with subsequent financing approvals by shareholders, lenders, and the EU anticipated to come in phases after FID due to the project’s large scale.