[PIO] Ministry of Energy, ADMIE and Abu Dhabi National Energy Company signed a Memorandum of Understanding for cooperation in electricity

The Ministry of Energy, Trade and Industry (MoEEB), the Independent Electricity Transmission Operator (ADMIE) of Greece and the National Energy Company of Abu Dhabi PJSC (TAQA), signed yesterday, Monday 4 December 2023, a Memorandum of Understanding for cooperation in the electricity interconnection between Cyprus, Greece and Israel. On behalf of the Ministry, the Minister Mr. George Papanastasiou signed the agreement, while the President and CEO of ADMIE (Project Implementing Entity) Mr. Manos Manousakis and the CEO of TAQA Group Mr. Jasim Husain Thabet co-signed.

The purpose of the Memorandum, signed in Dubai, on the sidelines of the 28th United Nations Climate Change Conference (COP28), is for YEEB and TAQA to engage in discussions with ADMIE to study the possibility of participating in the equity of the new special purpose company that will act as the Project Implementing Entity, called "Great Sea Interconnector". It is foreseen the establishment of a Consultative Committee that will meet twice a month with two members from each party and an additional person from ADMIE as coordinator.

Speaking at the signing ceremony, Mr. Papanastasiou stressed that the Cyprus Government welcomes the signing of the Memorandum, which is another key milestone for the implementation of the electricity interconnection. "As an EU Project of Common Interest, which has already been approved for a €657 million grant from the Connecting Europe Facility, the interconnection is of vital importance for Cyprus, as its construction will lift the ongoing energy isolation of our island. The project is also key to achieving the broader objectives of Cyprus' energy strategy in relation to enhancing its energy security, reducing the cost of electricity for the benefit of the competitiveness of our economy, as well as accelerating our green transition. The Republic of Cyprus, which at this stage is evaluating its active participation as a shareholder in the project, is convinced that the strategic involvement of distinguished and experienced players such as ADMIE and TAQA can ensure its timely completion."

(GA)
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