EuroAsia Interconnector secures land permit for HVDC converter station in Cyprus – Cyprus government proceeds with expropriation of property

Nicosia, June 12, 2018 – The Republic of Cyprus has issued a notice for the expropriation of the land for the HVDC converter station of the EuroAsia Interconnector, the 2000MW 1,518km subsea cable that will connect the electricity grids of Cyprus, Israel, Crete and Attica in Greece and has been declared a European Union Project of Common Interest (PCI).

Through decree 714 published in the Official Gazette of Cyprus, Issue No. 4841/2018, the government issued an expropriation order and description of the land site for the converter station located near Kophinou, saying “this was necessary for the purpose of the public good, being for the promotion and development of energy.”

The decree concluded that as no objections were submitted within the predetermined timeframe, the Minister of Energy, Commerce, Industry and Tourism executed his authority as determined by the Council of Ministers and ordered the expropriation of the said property in accordance with the provisions of the law which will be leased to the Project Promoter of the EuroAsia Interconnector.

The total value of the 1000MW first stage of the project is 3.5 bln euros and the implementation date as provided to the European Commission for the commencement of the electricity interconnection is December 2020 for the Crete-Attica interconnection and December 2021 for both the Cyprus-Israel and Cyprus-Crete interconnections.

The EuroAsia Interconnector will provide to the partner countries significant socio-economic benefits worth 10 billion euros which will derive from the decrease of electricity cost by using more efficient methods in power generation, i.e. natural gas, renewable energy sources, and from the reduced cost of replacing old power plants which will be avoided.

About the EuroAsia Interconnector

The EuroAsia Interconnector as a leading Project of Common Interest (PCI) of the European Union, comprises of the electricity interconnection between the grids of Israel, Cyprus and Greece (via Crete) through a subsea DC cable and with HVDC onshore converter stations at each connection point, with a total capacity of 2000MW. The project is an energy highway and bridge between the two continents with a total length of 1520kms and creates a reliable alternative route for the transfer of electric energy to and from Europe.

Benefits:

EuroAsia Interconnector enjoys high ranking by the European Union, falls within the EU energy policy and contributes to the energy targets:

• Ends the Energy Isolation of Cyprus as an EU member state. Cyprus is the last member of the European Union which remains fully isolated without any electricity or gas interconnections. Ending the energy isolation is an important EU objective.

• EuroAsia Interconnector creates the electricity highway from Israel-Cyprus-Crete-Greece (Europe) through which the European Union can securely be supplied with electricity produced by the gas reserves in Cyprus and Israel as well as from the available Renewable Energy Sources, contributing at the same time to the completion of the European Internal market.

• The EuroAsia Interconnector is ensuring the security of energy of supply of the three countries and of the EU system altogether, through the integration of the isolated small systems of Cyprus and Crete with the Israeli and European Network and the uninterrupted – multidirectional flow of energy.

• Promotes the substantial development of the Renewable Energy Sources and contributes to the reduction of the CO2 emissions.

• Offers significant economic and geopolitical benefits to the involved countries.

• Contributes to the target of the European Union for 10% of electricity interconnection between Member States.

• Provides significant socio-economic benefits at the range of 10 billion euros.

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