The PSI-CP43 supercomplex of the cyanobacterium Synechocystis PCC 6803, grown under iron-starvation conditions, consists of a trimeric core Photosystem I (PSI) complex and an outer ring of 18 CP43 light-harvesting complexes. We have investigated the electronic structure and excitation energy transfer (EET) pathways within the CP43 (also known as the isiA gene product) ring using low-temperature absorption, fluorescence, fluorescence excitation, and holeburning (HB) spectroscopies. Analysis of the absorption spectra of PSI, CP43, and PSI-CP43 complexes suggests that there are 13 chlorophylls (Chls) per CP43 monomer, i.e., a number that was observed in the CP43 complex of Photosystem II (PSII) (Umena, Y. et al. Nature 2011, 473, 55-60). This is in contrast with the recent modeling studies of Zhang, Y. et al. (Biochim. Biophys. Acta 2010, 1797, which suggested that IsiA likely contains 15 Chls. Modeling studies of various optical spectra of the CP43 ring using the uncorrelated EET model (Zazubovich, V.; Jankowiak, R. J. Lumin. 2007, 127, 245-250), suggest that CP43 monomers (in analogy to the CP43 complexes of PSII core) also possess two quasi-degenerate low-energy states, A and B. The site distribution functions of state A and B maxima/full width at half maximum (FWHM) are at 684 nm/180 cm , respectively. Our analysis shows that pigments mostly contributing to the lowest-energy A and B states must be located on the side of the CP43 complex facing the PSI core, a finding that contradicts the model of Zhang et al., but is in agreement with the model suggested by Nield et al. (Biochemistry 2003, 42, 3180-3188). We demonstrate that the A-A and B-B EET between different monomers is possible, though with a slower rate than intra-monomer A-B and/or B-A energy transfer.