Abu Dhabi National Energy Company PJSC (TAQA) is considering becoming a shareholder in a 900km electricity interconnection project between Greece and Cyprus.

The company has signed an initial MOU with the Independent Power Transmission Operation of Greece (IPTO) and the Cypriot Government.

TAQA will explore becoming a shareholder in the project, the construction of which is estimated to cost €1.9bn ($2.07bn).

The project will enhance energy security in the eastern Mediterranean, ending Cyprus’ energy isolation, and boost the production and export of clean energy to Cyprus, Greece and the rest of the EU.

TAQA Group CEO Jasim Husain Thabet stated: “TAQA is pleased to announce its involvement in another transformative project that will increase energy security and accelerate the deployment of clean energy in the eastern Mediterranean.

“As a low-carbon power and water champion, TAQA is committed to investing in the transmission infrastructure needed for the energy transition, enabling decarbonisation and ensuring energy security.

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“HVDC [high-voltage direct current] projects are vital to connect clean energy projects to the end users, and we are ambitiously accelerating investment and growth in our infrastructure business to help our stakeholders scale up their clean energy to meet the growing demand for secure, reliable and sustainable power.”

The project is advanced, with feasibility studies completed and contracts for two major engineering, procurement and construction components reserved.

French cable and optical fibre producer Nexans was awarded a €1.43bn contract to supply HVDC cables for the project in July 2023. Siemens has been appointed as the preferred bidder for the contract to build the project’s two VSC HVDC [voltage source converter HVDC] converter stations.

As project promoter, the IPTO will implement a €5bn development programme by 2030.

IPTO president and CEO Manos Manousakis stated: “The agreement that we have signed reflects the high investor interest for the project promoted by IPTO that will be known from now on as the Great Sea Interconnector.

“The interconnection between Greece and Cyprus, which is the most mature segment, is entering the construction phase, beginning from the subsea cable, which will be built by Nexans.”