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HomeElectricityGreece's IPTO is the new new project promoter for Greece-Cyprus-Israel electricity interconnector

Greece’s IPTO is the new new project promoter for Greece-Cyprus-Israel electricity interconnector

EuroAsia Interconnector, project promoter of the European Project of Common Interest and the Independent Power Transmission Operator (IPTO) of Greece, announced to 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.

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Euroasia Interconnector, 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.

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

The EuroAsia Interconnector is a 2,000 megawatts (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 kilometres and the deepest, up to 3,000 metres, 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.

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