TAQA plans to join Greece-Cyprus power link project

Abu Dhabi National Energy Company PJSC (TAQA) said today it could become a shareholder in a project to develop a 900-kilometre (559 mile) electricity interconnector between Greece and Cyprus.

The Abu Dhabi utility signed a memorandum of understanding (MoU) at COP28 with Greece’s transmission system operator Independent Power Transmission Operation of Greece (IPTO) and the Cyprus government. Under the agreement, TAQA will explore joining them as shareholders in the EUR-1.9-billion (USD 2.08bn) project.

The planned interconnector seeks to end Cyprus’ energy isolation, improve energy security in the Eastern Mediterranean and support the development and export of clean energy. Both Cyprus and Greece have high renewable energy potential, the statement notes.

The link is an EU Project of Common Interest, poised to receive a EUR-657-million grant from the Connecting Europe Facility.

IPTO president and chief executive Manos Manousakis said the project promoted by IPTO will now be called the Great Sea Interconnector. Its most mature segment, the interconnection between Greece and Cyprus, is entering the construction phase, starting with the subsea cable, which will be deployed by Nexans, added Manousakis.

Siemens AG has been selected as the preferred bidder for the two high-voltage direct current (HVDC) converter stations for the project.

(EUR 1 = USD 1.095)

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