Abu Dhabi-based energy company TAQA announced today in a press release it signed a memorandum of understanding (MoU) stating it would explore being a shareholder in the 900-kilometre HVDC electricity interconnector between Greece and Cyprus.
The project is currently in its “advanced stage” of construction and will cost €1.9 billion to build, according to the press release. Feasibility studies are finished and contracts for two major engineering, procurement and construction (EPC) components have been written up.
“The Project will terminate Cyprus’ energy isolation, increase energy security in the Eastern Mediterranean and encourage the development and export of clean energy to both Cyprus, Greece and the rest of the European Union,” the company said.
TAQA – which inked the agreement during COP28, running from November 30 until December 12 – will explore whether it will join the Greek government-owned transmission operator, the Independent Power Transmission Operation of Greece (IPTO), and the Cyprus Government as shareholders in the project.
In July 2023, French cable maker Nexans was awarded a €1.43 billion contract to develop the subsea cable, according to the press release.
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Cyprus’ Minister of Energy, Commerce and Industry George Papanastasiou said the Cypriot government was still deciding whether it would be a shareholder but was “confident” in IPTO and TAQA’s abilities to connect the Mediterranean and Middle Eastern countries. “The interconnection is of crucial importance to Cyprus as its construction will lift our island’s ongoing energy isolation,” he said.
The project received a €657 million grant from the EU’s Project of Common Interest program, Papanastasiou said. The initiative gives funding and expedited permit processes to cross-country energy systems.
Cyprus recorded 464 MW of PV installed capacity at the end of last year, according to the International Renewable Energy Agency (IRENA). But data provided by the Electricity Authority of Cyprus (EAC) shows the island's clean energy curtailment reached 70% on some days between Jan. 1 2023 and the end of April 2023.
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