EU probes $2bln subsea power link project amid delays, doubts

By Al Mayadeen English
Source: Agencies
4 Sep 2025 16:30
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The EU has opened a criminal investigation into the €1.9 billion Great Sea Interconnector project, which links Cyprus to Europe via the Mediterranean.

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Cypriot President Nikos Christodoulides arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025 (AP)

European prosecutors have launched a criminal investigation into a €1.9 billion ($2 billion) EU-financed electric cable project designed to connect Cyprus with Europe through the eastern Mediterranean, as per a report from Reuters.

The probe, confirmed by the European Public Prosecutor's Office (EPPO), is looking into potential criminal offenses linked to the project’s financing and management.

The subsea infrastructure, known as the Great Sea Interconnector, is being developed by Greece’s Independent Power Transmission Operator (IPTO). The cable aims to link the Cypriot and European power grids and is expected to extend to "Israel" in the future.

The project, originally managed by a Cyprus-based team, has faced multiple delays and rising concerns over costs and feasibility. IPTO assumed control of the initiative in 2023.

Cypriot President Nikos Christodoulides confirmed the investigation on Wednesday, stating to Reuters that the EPPO had launched an inquiry into "possible criminal offenses." Meanwhile, IPTO declined to comment to Reuters' questioning on the matter, and a spokesperson for the Greek government noted that Greece had not received any formal communication regarding the probe.

Project details, current status

The Great Sea Interconnector, when completed, is intended to be the world’s longest and deepest high-voltage subsea cable, stretching 1,240 kilometers and reaching depths of up to 3,000 meters. Despite financial and geopolitical challenges, Greece reaffirmed its support for the project earlier this year.

EU budgetary affairs and anti-fraud commissioner Piotr Serafin, currently in Cyprus, also declined to comment, emphasizing the independence of the EPPO. He stated that his office had not raised any specific concerns about the project.

Financial, geopolitical concerns

The delays and lack of transparency have raised questions within Cyprus regarding the project's long-term viability and strategic benefit. Nicosia has requested further clarification from all parties involved, particularly concerning the project's escalating budget and its role in the region’s energy future.

If completed successfully, the project could play a crucial role in enhancing energy connectivity between Europe and the eastern Mediterranean. However, the ongoing investigation introduces uncertainty into what was considered a strategically vital infrastructure effort for Cyprus, Greece, and the broader EU.