Nexans lands EUR-1.43bn cable contract for EuroAsia Interconnector

Paris-based cable manufacturer Nexans SA (EPA:NEX) has secured a turnkey contract worth EUR 1.43 billion (USD 1.6bn) to supply and install cables for a portion of the EuroAsia Interconnector.

The engineering, construction and installation contract for the high-voltage direct current (HVDC) cable systems concerns a route between Greece and Cyprus, Nexans said on Wednesday.

The link is part of a huge interconnector that will create an energy bridge between Cyprus, Greece and Israel via a 1,208-km direct current (DC) undersea cable route and will be able to accommodate 1,000 MW of capacity, with the possibility to reach 2,000 MW. The networks of Cyprus and Greece will be connected through 898 km of subsea cables.

The 525-kV HVDC cable will be the longest and deepest interconnector globally, running across the Mediterranean Sea floor at depths of over 3,000 meters. The first section of the route is expected to be completed in 2028, followed by the other one in 2029.

Subsea cables will be made at Nexans' facilities in Halden in Norway and Futtsu in Japan, the French company said.

At the start of 2022, the European Commission (EC) extended EUR 657 million in grant financing for the project, which will eventually supply over three million homes with electricity.

(EUR 1.0 = USD 1.121)

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