EuroAsia Interconnector Limited, project promoter of the European Project of Common Interest (PCI 3.10) and the Independent Power Transmission Operator (IPTO) of Greece, announce they have reached an agreement for the designation of IPTO as Project Promoter of the Electricity Interconnection between Greece, Cyprus and Israel,

In this context, the two companies have jointly informed the European Commission, as well as the governments and relevant authorities of Greece, Cyprus and Israel.

The assumption by the System Operator of Greece of the role of project promoter in the flagship project of the electricity interconnection of Cyprus and Israel to the European electrical system, through Greece, ensures the technical and financial adequacy of the project and lays the foundations for its timely completion. Since 2021, IPTO has been assisting the project as a technical consultant, having made a decisive contribution to its design maturity and the commissioning of critical contracts for its progress.

The Operator maintains financial stability, specialised human resources and prospects to hire additional highly specialised personnel that will be required for the maturity of the project. Furthermore, it has many years of experience and strong know-how in the implementation of projects of high technical complexity such as the Attica-Crete interconnection, employing HVDC technology, which is in a mature phase of construction with a completion timeframe of 2024.

EuroAsia Interconnector Ltd and IPTO will work closely together so that the smooth transition to the new project promoter of the electricity interconnection of Greece, Cyprus and Israel is rapid as required by the project implementation timeframe and anticipated by the governments and the European Commission.

Euroasia Interconnector Ltd., since 2011 when this flagship project was conceived which will end the electricity isolation of Cyprus and establish a new “electricity highway” in the eastern Mediterranean, has matured with the preparation of all the necessary studies, it has secured grants of 658 million euros from European Union funds (Connecting Europe Facility) and all the necessary permits for the start of the construction works, which will be transferred to IPTO as part of the agreement between them. In addition, it has entered into a contract with Norway’s Nexans for the cable section of the interconnection and has designated Siemens of Germany as the preferred contractor for the construction of the converter stations. In the current phase, Siemens is preparing the studies required for the contracting of the section concerning the converter stations.

An energy project that breaths fresh life to the wider region, with a systematic effort of years, has now reached the crucial point of commencing construction. Its completion will mark the electricity interconnection of Cyprus – the last non-interconnected EU member state – with the European transmission system, ensuring the island’s strong energy shield. And Israel will enhance its security of supply, gaining the ability to increase, further and faster, the inclusion of Renewable Energy Sources (RES) in its energy mix.

Manos Manousakis, Chairman and Chief Executive Officer of IPTO, said: “Today is a great day for IPTO, as from its new role it assumes responsibility for the implementation of a critical project for Cyprus, Greece and Israel. We thank EuroAsia Interconnector for the trust shown in us. We acknowledge the work that has been achieved in recent years to reach today’s stage of commencing construction work. We pledge that we will work with all our powers to ensure the best conditions, so that the Greece-Cyprus-Israel interconnection becomes a reality as soon as possible and with the most favourable terms.”

Nasos Ktorides, Chief Executive Officer of EuroAsia Interconnector Ltd, stated: “We feel proud and extremely satisfied that after 12 years of hard work and completion of the project’s maturity stage, we are handing over to IPTO the baton of commencing the construction of a project of leading energy and geopolitical importance for Cyprus, Greece, Israel and Europe. The assumption by IPTO as the project promoter of the electricity interconnection project is a guarantee for its successful completion.”

The EuroAsia Interconnector electricity interconnection:

The EuroAsia Interconnector is a 2,000 MW multi-terminal electricity interconnection that connects the national electricity grids of Israel, Cyprus and Greece (Crete) to Europe. The EuroAsia Interconnector is the longest, at 890 km, and the deepest, up to 3,000m, HVDC interconnector in the world. It ends the energy isolation of Cyprus, ensures security of supply for Israel, Cyprus and Greece, and establishes a reliable green interconnection for Europe. It significantly reduces CO2 emissions and serves the European Commission’s vision of the “Green Deal”.

The EuroAsia Interconnector is a leading European Project of Common Interest (PCl) and has been included in all five Union PCl lists since 2013.

Following the approval of a €658 million grant from the European “Connecting Europe Facility” and €100 million from the Recovery and Resilience Fund, the EuroAsia Interconnector is moving on to the construction phase.