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EuroAsia Interconnector welcomes official support at 5th Trilateral Summit to promote Israel-Cyprus-Greece link

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NICOSIA, December 23, 2018 – EuroAsia Interconnector Limited, the official project promoter of the flagship European Project of Common Interest (PCI) connecting the electricity grids of Israel, Cyprus, Crete and Attica in Greece with the European system, expresses its warm gratitude to the three leaders for their official support, as declared at the 5th Trilateral Summit in Beersheba, Israel, on December 20, 2018.

Prime Minister Benjamin Netanyahu, Cyprus President Nicos Anastasiades and Greek Prime Minister Alexis Tsipras stated in their joint declaration:
“We reconfirm our interest in the EuroAsia Interconnector project.”

In his statements at the Trilateral Summit, President Anastasiades said:
“At the same time, we reiterated our political dedication to the promotion of the electrical interconnection of Israel-Cyprus-Greece, through a subsea cable, known as the EuroAsia Interconnector, a project which also enjoys the practical support of the European Union, as long as we implement the terms and conditions that the European Union has set.”

Nicos Anastasiades comments at 5th Trilateral Summit – Beersheba, Israel 20/12/2018 from EuroAsia on Vimeo.

About the EuroAsia Interconnector:
The EuroAsia Interconnector remains committed to the following timeframes specified for the timely implementation of the project:
• PCI 3.10.3-Internal line between Korakia, Crete (GR) and Attica region (GR) – June 2022
• PCI 3.10.2 – Interconnection between Kofinou (CY) and Korakia, Crete (GR) – December 2023

The project promoter is proceeding to the construction of the first phase of the project (Stage1 1,000MW) and in particular the Cyprus-Crete and Crete-Attica segments as approved by the National Regulatory Authorities of Cyprus and Greece as well as the European Commission, in full compliance with the provisions of the TEN E Regulation for trans-European energy networks (Regulation EC 347/2013) and in parallel with the facilitation process initiated by the European Commission.

The EuroAsia Interconnector electricity link provides substantial social and economic benefits to the citizens of the involved countries, ends the energy isolation of Cyprus (the last isolated European Union member state) and Greece’s largest island – Crete, and ensures the security of supply, while creating an alternative electricity corridor connecting the East Mediterranean to Europe.
The EuroAsia Interconnector, as an EU Project of Common Interest, is eligible to receive grants of up to 50% of the total construction cost (including the Crete-Attica link) from the “Connecting Europe Facility” (CEF) and additional facilities from the European Investment Bank (EIB) and other EU institutions. Within this framework, the project promoter has prepared the necessary application for submission to the Innovations and Networks Executive Agency (INEA) and this is one of the critical stages for the progress of the project.

As regards licensing, these are at an advanced stage. The approval of the Environmental Impact Assessment (EIA) from Cyprus was ratified on December 11, 2017, while the relevant documentation for acquiring the environmental approval from the Greek competent authorities have been submitted, a process which is currently underway.

The first phase of the procurement process for selection of the manufacturers/construction of the project, which commenced in April 2018 in compliance with the European Commission’s public procurement Directive 2014/25/EU and considering the results of the FEED and other relevant studies performed, has been completed with the pre-selection of candidates that satisfied the predetermined criteria.

Particularly promising and indicative of the significance of the geopolitical gravity of the project is the fact that the procurement processes have drawn the interest of all major European manufacturers with proven global experience in this field, the participation of whom reinforces the multilateral efforts for successful implementation of the project.

The unhindered implementation of the agreements on our part and the warm interest of the participants in all stages of the above processes, not only reiterate the EuroAsia Interconnector’s firm commitment to the timely implementation of the project, but also give us the motivation to continue with an unimpeded pace to strive towards the final outcome for the benefit of the citizens of Greece, Cyprus and Israel.

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