The Independent Electricity Transmission Operator of Greece reached an agreement to participate in the share capital of EuroAsia Interconnector with 25%. The joint venture is for a subsea electric cable that would link Cyprus with Greece and Israel.
After two years in a role of a technical consultant, state-controlled Independent Electricity Transmission Operator (IPTO or Admie) agreed to acquire 25% of EuroAsia Interconnector. Without disclosing the financial details, the energy ministries of Greece and Cyprus said the transaction would be completed in the coming months, after a due diligence process.
IPTO’s strategic entry is expected to accelerate the signing of the contracts with the companies selected in tenders to lay the submarine cable and install transformer stations in the two countries, the announcement reads.
EuroAsia link to end energy isolation of Cyprus
The EuroAsia Interconnector is envisaged to link Cyprus, the European Union’s only non-interconnected member state, with both Greece (through Crete) and Israel. The proposed 1,208-kilometer high voltage direct current (HVDC) cable would currently be the longest in the world. It is planned to be commissioned in 2028.
The plan is to install the interconnector with a total capacity of 1 GW, with an option to double it.
“This interconnection is a key element for the achievement of our country’s wider energy plan to reduce the cost of electricity for the benefit of the Cypriot economy and for a rapid transition to green energy,” Minister of Energy, Commerce and Industry of Cyprus George Papanastasiou stated.
Total cost amounts to EUR 2.5 billion, of which EUR 1.57 billion is for the first phase, which has a status of a project of common interest in the EU. It has approved EUR 657 million from the Connecting Europe Facility.
Greece aspires to become major energy transit hub
“The project will connect Israel to Europe’s single energy market, providing it with increased security of supply, while it will further highlight our country’s role as a crucial energy transit hub between Europe and the Middle East,” Deputy Minister of Environment and Energy of Greece Alexandra Sdoukou pointed out.
Greece already finished the first of two planned links between Crete and the mainland
The government in Athens is also working on projects GAP and GREGY for subsea interconnections with Egypt as well on upgrading existing links to Albania, Bulgaria and Italy. Greece already finished the first of two planned links between Crete and the mainland. There are also projects for undersea cables between Egypt and Cyprus – the EuroAfrica Interconnector, and two between Egypt and Greece.
The development of the network of subsea links is aimed to enable much greater penetration of renewables in the transmission grids of the countries involved and beyond and to facilitate trade in electricity.
Greece-Egypt power link project to get EU’s backing
In other news, GREGY will be included in the list of the European Union’s projects of mutual interest (PMI) and projects of common interest (PCI), Energypress reported. PMIs are for cooperation with third countries. The list is expected to be published in September and adopted in November.
Greek Copelouzos Group is developing the GREGY project for the transmission of 100% green energy through a two-way 3 GW undersea link. The planned 954-kilometer interconnector is valued at more than EUR 3.5 billion.