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- ADMIE is a shareholder in Electric Interconnection Greece-Cyprus-Israel
- The Independent Electricity Transmission Operator of Greece acquires 25% of EuroAsiaInterconnector
In a strategic shareholding agreement, ADMIE acquires a stake in the share capital of EuroAsia Interconnector, Implementing Entity of the Greece-Cyprus-Israel electricity interconnection, was reached by the management of the two companies on Wednesday, 28 June 2023.
The entry of the Operator, with a 25% stake in the flagship project of the electrical interconnection of Cyprus and Israel to the European electricity system via Greece, ensures the technical and financial adequacy of the project and sets the basis for its timely completion by 2027.
Already, since 2021, ADMIE has been assisting the project as a technical advisor, having contributed decisively to its design maturity and financial support from the European Connecting Europe Facility (CEF), with 657 million euros.
ADMIE's entry into the share capital of EuroAsia Interconnector meets the requirement of the European Union's Directorate-General for Energy (DG ENER) for the shareholding of a Transmission System Operator (TSO) as a guarantor for the electrical security of the three Eastern Mediterranean countries.
The entry of ADMIE in the share capital of EuroAsia Interconnector meets the requirement of the European Union's Directorate-General for Energy (DG ENER) for the shareholding of a Transmission System Operator (TSO) as a guarantor for the electrical security of the three Eastern Mediterranean countries.
The shareholding of the TSO, which will be completed after due diligence in the near future, is expected to be an accelerating factor for the signing of the contracts for the submarine cables and the conversion stations in Crete and Cyprus with the contractors that have emerged after a competitive bidding process.
The completion of the project will mark the electrical interconnection of Cyprus - the last non-interconnected EU Member State - with the European transmission system, ensuring a strong energy shield for the island. Israel, which also has no electrical interconnection with its neighbours, will enhance its security of supply, enabling it to increase, further and faster, the participation of Renewable Energy Sources (RES) in its energy balance.
Cyprus' Minister of Energy, Trade and Industry George Papanastasiou noted: "This development marks the successful completion of a milestone towards the implementation of the strategic Greece-Cyprus-Israel electricity interconnection project, which further strengthens the energy cooperation of the three countries and removes the ongoing energy isolation of Cyprus. This interconnection is a key element in achieving our country's broader energy plan to reduce the cost of electricity for the benefit of the Cypriot economy and for a rapid transition to green energy. I would like to thank the Greek Government for its support and, of course, the European Commission for the funding."
Minister of Environment and Energy of Greece Theo Skylakakis said: "The agreement for the participation of ADMIE in the share capital and the Board of Directors of the EuroAsia project, which is expected to be completed in the coming months, is a very positive milestone for the deepening of the strategic cooperation relations between Greece, Cyprus and Israel. Greece has been a reliable and systematic supporter of the Republic of Cyprus' efforts to enhance the maturity of its electrical interconnection with the European energy market. This has been the case from the first inclusion of EuroAsia in the list of Projects of Common Interest (PCIs) in 2013 to the support of the project in 2021 with €657 million from the Connecting Europe Facility (CEF). We are particularly pleased with the successful conclusion of the negotiations and remain ready to contribute further to the project implementation process."
Greece's Deputy Minister of Environment and Energy Alexandra Sdoukou said: "I welcome the achievement of a very important agreement, which unlocks the implementation of a project of strategic importance for the Southeastern Mediterranean, but also for the whole EU. The implementation of the electricity interconnection will lift the energy isolation of the Republic of Cyprus, facilitating the achievement of its ambitious energy transition objectives. At the same time, the project will interconnect Israel with Europe's single energy market, providing it with increased security of supply, while further highlighting our country's role as a critical energy transit hub between Europe and the Middle East."
The President and CEO of ADMIE Manos Manousakis said. For our part, we did everything in our power to secure an agreement that will safeguard the Greek energy system and our shareholders. I would like to thank from the bottom of my heart the executives of the Greek and Cypriot governments, as well as the people of DG ENER, for their decisive contribution in reaching this historic agreement."
EuroAsia Interconnector CEO Nassos Ktoridis underlined: "We are particularly pleased that the Independent Transmission System Operator of Greece ADMIE is participating with us in the EuroAsia Interconnector electricity interconnection project, the implementation of which ends the energy isolation of Cyprus and contributes substantially to the achievement of its energy goals. I would like to warmly thank the Governments of Cyprus and Greece and the European Commission's Directorate-General for Energy DG ENER for their continued and valuable support in reaching this important agreement and assure you of our intensified efforts to complete this strategic project for the European Union and, in particular, for our country".
(GA)
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