A contract paving the way for the construction works for the EuroAsia Interconnector, which will connect the electricity networks of Cyprus, Israel, Crete and Attica in Greece has been signed at the Energy ministry, it was announced on Thursday.
The land concession agreement for the construction of the High Voltage Direct Current (HVDC) converter station in Kofinou with a transfer capacity of 2000MW was signed.
The cost of construction of the first phase of the project (Cyprus-Crete-Attica) with a capacity to transfer 1000MW amounts to €3.5 billion.
The interconnection between Crete and Attica is expected to be operational in June 2022 and by December 2023 will interconnect Cyprus to the system by completing the Cyprus-Crete-Attica interconnection.
The EuroAsia Interconnector project is important to the states involved and the European Union as it falls within its energy policy and contributes to the achievement of its energy goals by ending the energy isolation of Cyprus, the last EU member state without any electricity interconnection.
The duration of the agreement is 33 years, with the project promoter having the option to renew the lease for a further 66 years.
The necessary technical and other studies have been completed and the environmental permit has been secured from the Cypriot authorities, and the planning permission is already underway for the construction of the converter station and other works.
The agreement was signed on behalf of the Republic of Cyprus by Energy Minister Giorgos Lakkotropis and the Director General of the ministry Stelios Chimonas and on behalf of the project promoter of the European Project of Common Interest CEO Nassos Ktoridis and project director George Killas.