Greek IPTO project promoter of EuroAsia Interconnector

The Independent Power Transmission Operator (IPTO) of Greece has been designated as Project Promoter of the Electricity Interconnection between Greece, Cyprus and Israel, following an agreement between the IPTO and EuroAsia Interconnector Limited, project promoter of the European Project of Common Interest.

Cyprus' Energy Minister Giorgos Papanastasiou expressed content over the agreement.

IPTO and EuroAsia Interconnector Limited announced that "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," notes the announcement, which adds that IPTO has been assisting the project as a technical consultant since 2021.

It is also noted that 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.

Manos Manousakis, Chairman and Chief Executive Officer of IPTO, said 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,” he said. Nasos Ktorides, Chief Executive Officer of EuroAsia Interconnector Ltd, stated from his part that "the assumption by IPTO as the project promoter of the electricity interconnection project is a guarantee for its successful completion.”

In a separate written announcement issued on Saturday, Energy Minister Giorgos Papanastasiou, conveyed his satisfaction over the developments. He notes that IPTO's experience and know-how in projects of this scale is considered as a guarantee that the project's implementation will commence very soon.

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. 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.

(Source: CNA)