Cyprus signs agreement on 2GW EuroAsia Interconnector converter station
June 08, 2019 – The Cyprus government has signed a lease agreement, paving the way for the construction of the EuroAsia Interconnector, a proposed 2GW electricity interconnector between Cyprus, Israel, Crete and Attica in Greece.
The land concession agreement has been signed at the Cyprus Ministry of Energy, Commerce and Industry in Nicosia.
Work will now commence on the first HVDC converter station for the EuroAsia Interconnector, which will connect the national electricity grids of Israel, Cyprus and Crete-Attica, Greece, through a 1,518km subsea HVDC cable.
The 33-year lease agreement provides project promoter EuroAsia Interconnector with the option to renew the lease for an additional 66 years.
EuroAsia Interconnector was appointed as the owner project promoter of EuroAsia Interconnector by the European Commission, with the support of the Cyprus Government and in agreement with the Greek Government.
EuroAsia said in a statement: “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 first phase of the project includes connecting Cyprus-Crete-Attica with transmission capacity of 1GW. It is estimated to cost €3.5bn (£2.6bn).
The interconnection between Crete and Attica is planned to be commissioned in June 2022 followed by interconnection with Cyprus in December 2023. This will connect to the system by completing the Cyprus-Crete-Attica interconnection.
Cyprus is said to be the last member of the EU which remains fully isolated without any electricity or gas interconnections.
The EuroAsia Interconnector project is expected to contribute to Cyprus’ energy goals which involve ending the energy isolation of the country as an EU member state.
In addition to promoting the substantial development of the renewable energy sources, the EuroAsia project is expected to contribute to the reduction of CO2 emissions.
Additionally, the project will contribute to EU’s target for 10% of electricity interconnection between member states.