Signing of the Grant Agreement with EU for the Design, Implementation and Environmental Studies of the EuroAsia Interconnector

May 13, 2015

ΔΕΗ QUANTUM ENERGY is pleased to announce that, following the successful application to the Connecting Europe Facility (CEF) in August 2014, the Grant Agreement has been signed between ΔΕΗ QUANTUM ENERGY and the Innovation and Networks Executive Agency (INEA) of the European Union, on 24 April 2015.

The Grant Agreement has been signed by Mr. George Killas the Project Director of the EuroAsia Interconnector on behalf of ΔΕΗ QUANTUM ENERGY and by Mr. Dirk Beckers on behalf of INEA.

In addition, the pre-financing payment as described in article 4.1.2 of the above-mentioned agreement has been made to the beneficiary ΔΕΗ QUANTUM ENERGY on 4 May 2015.

Approved studies for funding include the Technical/Technological Study, the Reconnaissance Survey and the Environmental Studies/EIA. The three studies are at the final stage of the procurement procedure. The EuroAsia Interconnector as Project of Common Interest (PCI) is eligible for financial assistance under REGULATION (EU) No 347/2013 Article 14, through the Connecting Europe Facility.

In October 2014 a total of 34 grants (€647 million investment) where allocated to support key priority infrastructure projects which of 16 in natural gas and 18 in electricity sector (28 grants concern studies and 6 grants go to construction works). Under the Connecting Europe Facility a total of €5.85 billion has been allocated to Trans-European energy infrastructure for the period of 2014-2020.

The EuroAsia Interconnector receives recognition from EU by approving its application for Grants for Studies, while at the same time the execution of the above studies will substantially contribute to the progress achieved towards the implementation of the EuroAsia Interconnector.