A new agreement was recently signed for the EuroAsia Interconnector project. The agreement concerns the acquisition of a 25% share capital of the project by the Independent Electricity Transmission Operator of Greece (ADMIE).
Initially, for two years the company acted as the project’s technical consultant. Additionally, it contributed decisively to the project’s design maturation and financial support. The support amounting to 657 million euros came from the European mechanism Connecting Europe Facility (CEF).
This new agreement was welcomed by the Minister of Energy of Cyprus, Giorgos Papanastasiou and the Minister of Environment and Energy of Greece, Thodoros Skylakakis.
“The entry of the ADMIE in this emblematic project safeguards the technical and financing adequacy of the project. Additionally, it lays the groundwork for its timely completion by 2027. Particularly, the agreement is expected to be an acceleration factor for the signing of the contracts with the project contractors. The contractors have already been selected following a competitive process,” the energy ministries of Cyprus and Greece said.
Significance of the new EuroAsia Interconnector project agreement
The EuroAsia interconnector is a Project of Common Interest (PCI) of the European Union. Additionally, it is a priority Electricity Highway Interconnector Project linking Asia and Europe through Greek, Cypriot, and Israeli power grids.
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The project comprises a 1,208-kilometre high-voltage direct-current submarine power transmission line. 310 kilometres of the electricity line run from Israel to Cyprus and 898 kilometres from Cyprus to Greece. The project will also comprise three converter stations with sea electrodes, interconnected by cables.
The completion of the EuroAsia Interconnector project will mark the electrical interconnection of Cyprus – the last non-interconnected EU member state – with the European transmission system. Consequently, this will ensure the island’s strong energy shield.
Israel, which reportedly does not have any electrical interconnection with its neighbours, will strengthen its security of supply owing to the project. Moreover, the country will gain the possibility to increase, further and faster, the participation of Renewable Energy Sources (RES) in its energy balance.
Once operational, the 500 kV interconnector will allow the transfer of 2000 MW.
