Commercial Operations Full Power

As of April 2026, Cyprus Energy Minister Michael Damianos stated that the timeline for completing the Great Sea Interconnector project, assuming it receives the green light, would be "around six years" from the present, placing projected full commercial operations around 2032. This estimate follows a period of significant project disruption: IPTO froze €70 million in payments to cable contractor Nexans in March 2025, Nexans cancelled sub-contractor tenders in December 2025 citing the need for project re-evaluation, and delivery was pushed "into the next decade" according to a March 2026 Cyprus Mail report citing Nexans. The governments of Cyprus and Greece have jointly requested the European Investment Bank carry out a new techno-economic study to update the project's financial and technical parameters. The project faces an estimated funding gap of approximately €1 billion beyond the €657 million CEF grant and IPTO's €250-300 million capital base. Cyprus has not yet decided whether to directly invest as a state. The 1,000 MW HVDC interconnector between Crete and Cyprus, spanning approximately 898 km of subsea cable at depths up to 3,000 metres, would end Cyprus's status as the only EU member state not connected to the continental electricity grid. Commissioning is contingent on resolution of the ongoing financial restructuring, completion of the EIB study, and the broader geopolitical context including Turkish interference with seabed surveys in the eastern Mediterranean.