FAMAGUSTA GAZETTE – The cost of an undersea electricity cable linking Greece and Cyprus has reportedly soared due to project delays, according to Alithia newspaper.
The €1.4 billion project, involving Greek electricity company ADMIE and French contractor Nexans, faces further complications as financing and contractual progress remain stalled.
The delays, which Alithia attributed to Turkey, have raised concerns about Nexans’ potential right to compensation.
The first contract set a December 31, 2029, deadline for production, placement, and testing, with payments linked to project milestones.
However, ADMIE has yet to issue a “First Notice to Proceed,” required to start the project.
Critics highlight that financing and deposit guarantees have not been finalized nearly a year past the anticipated production order date. Nexans’ compensation rights were mentioned but not detailed.