Filenews 23 January 2024
The increase of European funding for the Great Sea Interconnector project to €164.5 million, from €55.2 million. The Independent Power Transmission Operator of Greece (ADMIE), which implements the Greece-Cyprus-Israel electricity interconnection, announced the finalization of the administrative structure of the project.
At the same time, the next milestone is the expansion of the shareholding structure of the Great Sea Interconnector, as the final decision of the Government of Cyprus is expected immediately.
In a statement, ADMIE said that its management met with high-ranking executives of the European Commission's Directorate General for Energy – who were in Athens on the occasion of the CESEC Ministerial Conference – in order to discuss the project timeline and the next steps regarding the financing of the project by the European Commission and the European Investment Bank. following the "Notice to Proceed" to the contractor of the cable leg of the Crete-Cyprus interconnection Nexans given at the end of 2023.
According to the Operator, indicative of the EU's strong support to the project and the trust of the competent European authorities in IPTO is the increase of pre-financing by CINEA (European Climate, Infrastructure and Environment Executive Agency), from €55.2 million. EUR 164.5 million from the original beneficiary (EuroAsia Interconnector) This represents 25% of the total grant already received.
"The intensive and effective cooperation between IPTO and CINEA – which manages the European grant to the project, totalling €657.9 million. € from the Connecting Europe Facility – and the receipt of all pre-financing contribute decisively to the acceleration of the project," he adds.
He also mentions that the next milestone is the expansion of the shareholding structure of the Great Sea Interconnector, as the final decision of the Government of Cyprus is expected immediately, adding that meetings of the Management of the Operator with other interested investors are scheduled in the near future.
In addition, ADMIE states that discussions have already begun with credit institutions in order to timely make the financial closure of the project, for which an indicative Term Sheet from the European Investment Bank is necessary.
In relation to the management structure of Great Sea Interconnector, IPTO's special purpose subsidiary, the Operator reports that yesterday the new Board of Directors of the company was formed, consisting of:
1. Manos Manousakis, Chairman of the BoD
2. Ioannis Margaris, Deputy Chairman of the BoD
3. Eleni Zarikou, Member
4. Ioannis Vrettos, Member
5. Liu Yin, Member
6. Theodoros Tsakiris, Member
7. Nikolaos Frydas, Member
ADMIE states that Telemachos Panagiotidis, an executive of the Operator "with extensive experience in international projects who served – among others – as project manager of the Crete-Peloponnese electricity interconnection that was successfully completed and on schedule" was appointed as Executive Director, who will be responsible for the operation of the company.
CNA
