Greek TSO takes over the baton for EuroAsia Interconnector

EuroAsia Interconnector Limited, project promoter of the European Project of Common Interest (PCI 3.10), and Greek electricity grid operator Independent Power Transmission Operator (IPTO) have reached an agreement for the designation of IPTO as project promoter of the electricity interconnector that will link Greece, Cyprus and Israel.

The assumption by IPTO of the role of project promoter is said to ensure the technical and financial adequacy of the project and lay the foundations for its timely completion.

Euroasia Interconnector Ltd. has matured with the preparation of all the necessary studies, secured grants of €658 million from EU funds and all the necessary permits for the start of the construction works, which will be transferred to IPTO as part of the agreement.

“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,” said Nasos Ktorides, Chief Executive Officer of EuroAsia Interconnector Ltd.

“The assumption by IPTO as the project promoter of the electricity interconnection project is a guarantee for its successful completion.”

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.

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

“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,” said Manos Manousakis, Chairman and Chief Executive Officer of IPTO.

“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.”

The EuroAsia Interconnector is a 2,000 MW multi-terminal electricity interconnection that will be 890 kilometers long and up to 3,000 meters deep. It is expected to end the energy isolation of Cyprus, ensure security of supply for Israel, Cyprus and Greece, and establish a reliable green interconnection for Europe.

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

IPTO has been assisting the project as a technical consultant, contributing to its design maturity and the commissioning of critical contracts for its progress since 2021.

Norway’s Nexans won the contract for the cable section of the interconnection and Germany’s Siemens was selected 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.