The Independent Power Transmission Operator (IPTO) SA will hold a strategic 25% stake in the share capital of the EuroAsia Connector, the company managing the electric interconnection of Greece, Cyprus, and Israel project, the energy ministries of Greece and Cyprus announced on Thursday.
“The entry of the Operator into the emblematic project of the electric interconnection of Cyprus and Israel to the European electric grid through Greece guarantees the technical and funding adequacy of the project and establishes the foundations for its timely completion by 2027,” a joint ministries statement said.
IPTO has been involved in the project as technical consultant since 2021, and contributed in key ways to the plan’s maturity and in securing 657 million euros in additional funding through the EU’s Connecting Europe Facility mechanism.
The interconnector is 1,208 km long. The power cables will be laid in sea regions up of to 3,000 m deep, making the interconnector the longest undersea electric link in the world. It will have a capacity of 2,000 MW, and will signal the end of Cyprus’s electric isolation.