Cyprus to be power project shareholder
The Republic of Cyprus is poised to enter the shareholding structure of one of the largest energy projects in the Eastern Mediterranean. This decision, expected to be finalized in the coming week, follows a study presented to the president last week, which green-lights Cyprus’ participation in the Israel-Cyprus-Crete electric interconnection project.
The project, slated to reshape the current energy landscape of Cyprus and the wider region, seems to have allayed concerns that loomed prior to its transfer to the jurisdiction of the Cyprus Energy Regulatory Authority.
The study findings have paved the way for a positive outlook, bolstering the entire venture. Sources say this significant decision is anticipated in the next seven days to ensure that the Ministry of Energy remains within the timelines.
Cyprus’ potential involvement has been on the cards since the EuroAsia Interconnector was the project’s implementing body. Initially, government sources expressed keen interest. Subsequent delays, particularly after Greece’s decision to dissociate the Crete-Peloponnese leg from the EuroAsia Interconnector, dampened enthusiasm. Yet, interest reignited following the change in the project’s implementing body.
