Following the recent statements of the Cypriot Minister of Energy, Trade & Industry, Mr. George Papanastasiou, the ADMIE clarifies the following:
ADMIE received the subsidy of 657 million euros officially from the European Commission in December 2023. Then, it made available the updated business plan (business plan), which it had drawn up in time, to all interested investors.
The business plan in question is NOT a “slight update of an earlier version”, as it is unfortunately stated, but was drawn up from the beginning with the most up-to-date assumptions from a Big Four company.
The evidence proving this is available to any interested Authority or citizen. This is crucial to be made clear and known to the international investment community for reasons of transparency, as it (the business plan) is the basis of the due diligence that international houses conduct on behalf of potential shareholders/investors in the project.
It is also crucial that the public opinion of Greece and Cyprus know the above, given the strategic importance of the project for energy security and the interest of Cyprus’ consumers.
Access to the new business plan has been given to all interested investors through a virtual data room. Among them is the Republic of Cyprus which, in order to gain access to it to examine it, the Ministry of Energy of Cyprus signed a confidentiality agreement with ADMIE as early as December 2023.
Since then, Cyprus ministry officials have been accessing the online platform and reviewing various documents. In addition, in March, discussions were held at the Ministry’s headquarters in Nicosia with a prospective investor, on the specific business plan, in the presence of senior officials of the Ministry of Energy and Finance of Cyprus.
The Great Sea Interconnector is a project that is 1/3 subsidized by European taxpayers’ money and represents a unique historic opportunity to connect Cyprus – the last non-interconnected EU state – to the European Electricity System.
ADMIE has taken responsibility at a critical moment for the survival of the project and will do whatever is necessary to move forward. The condition is, of course, that the Regulatory Authorities of Cyprus and Greece support in practice the European Commission’s decision to entrust the project to him, with regulatory decisions that will continue to support its financial viability as they did when the project was owned by the previous implementing body.
ADMIE has already invested more than 130 million euros and will continue to invest once the regulatory authorities make the pending decisions.
The European Commission has officially expressed its support to ADMIE as the implementing body of the project and has assured that it will continue to support the project as it considers it of strategic importance.
Finally, ADMIE informs the public that there is investment interest in the project, and indeed intense, from many sides. In order to manage this interest, ADMIE will make an open international call for investors in the next period.
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