French cable manufacturer Nexans has pushed back against reports it cancelled a tender for the Greece-Cyprus electricity interconnector project, though its statement made no reference to the core allegation.
Nexans issued an announcement yesterday after Phileleftheros reported the company had informed bidders it was cancelling a tender related to the Great Sea Interconnector project for reasons beyond its control. The company apologised to bidders for the inconvenience and costs, and left open the possibility of issuing a new tender if and when work is rescheduled.
In its statement, sent only to Greek media according to Phileleftheros, Nexans said it “continues to execute the project in accordance with its contractual obligations” and noted that milestones “may be adjusted at intervals” for projects of this nature and scale.
The company said it has received “significant payments” that have enabled cable construction, though Greek grid operator IPTO and its chairman have repeatedly stated the last payment to Nexans was made in August 2025. No subsequent payments have been announced publicly.
The total contract binding IPTO and Nexans for cable construction and laying stands at €1.43 billion. IPTO has informed regulators in Cyprus and Greece it has spent approximately €300 million on the interconnector so far.
IPTO has publicly acknowledged it has not issued the Full Notice to Proceed to Nexans for complete advancement of the contract, and has been paying the French company in instalments. Marine surveys in international waters between Crete and Cyprus have not been conducted to map the seabed and calculate the precise cable length and cost required.
Nexans made no mention in its statement of the recent decision by the Cypriot and Greek governments to update the project’s technical and economic data before taking further steps, a process expected to take months.
President Nikos Christodoulides said yesterday he would be briefed responsibly on the Phileleftheros report and would comment subsequently.
Phileleftheros stands by its original report.
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