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222                  <h3 class="column-title">IPTO is new project promoter for Greece-Cyprus-Israel electricity interconnector</h3>
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226                    <p><strong>Athens/Nicosia, October 6, 2023</strong> – EuroAsia   Interconnector Limited, project promoter of the European Project of   Common Interest (PCI 3.10) and the Independent Power Transmission   Operator (IPTO) of Greece, announce they have reached an agreement for   the designation of IPTO as Project Promoter of the Electricity   Interconnection between Greece, Cyprus and Israel,                    
227                    <p>In this context, the two companies have jointly informed the European   Commission, as well as the governments and relevant authorities of   Greece, Cyprus and Israel.</p>
228                    <p>The assumption by the System Operator of Greece of the role of   project promoter in the flagship project of the electricity   interconnection of Cyprus and Israel to the European electrical system,   through Greece, ensures the technical and financial adequacy of the   project and lays the foundations for its timely completion. Since 2021,   IPTO has been assisting the project as a technical consultant, having   made a decisive contribution to its design maturity and the   commissioning of critical contracts for its progress.</p>
229                    <p>The Operator maintains financial stability, specialised human   resources and prospects to hire additional highly specialised personnel   that will be required for the maturity of the project. Furthermore, it   has many years of experience and strong know-how in the implementation   of projects of high technical complexity such as the Attica-Crete   interconnection, employing HVDC technology, which is in a mature phase   of construction with a completion timeframe of 2024.</p>
230                    <p>EuroAsia Interconnector Ltd and IPTO will work closely together so   that the smooth transition to the new project promoter of the   electricity interconnection of Greece, Cyprus and Israel is rapid as   required by the project implementation timeframe and anticipated by the   governments and the European Commission.</p>
231                    <p>Euroasia Interconnector Ltd., since 2011 when this flagship project   was conceived which will end the electricity isolation of Cyprus and   establish a new &ldquo;electricity highway&rdquo; in the eastern Mediterranean, has   matured with the preparation of all the necessary studies, it has   secured grants of 658 million euros from European Union funds   (Connecting Europe Facility) and all the necessary permits for the start   of the construction works, which will be transferred to IPTO as part of   the agreement between them. In addition, it has entered into a contract   with Norway&rsquo;s Nexans for the cable section of the interconnection and   has designated Siemens of Germany as the preferred contractor for the   construction of the converter stations. In the current phase, Siemens is   preparing the studies required for the contracting of the section   concerning the converter stations.</p>
232                    <p>An energy project that breaths fresh life to the wider region, with a   systematic effort of years, has now reached the crucial point of   commencing construction. Its completion will mark the electricity   interconnection of Cyprus – the last non-interconnected EU member state –   with the European transmission system, ensuring the island&rsquo;s strong   energy shield. And Israel will enhance its security of supply, gaining   the ability to increase, further and faster, the inclusion of Renewable   Energy Sources (RES) in its energy mix.</p>
233                    <p><strong>Manos Manousakis, Chairman and Chief Executive Officer of IPTO, said:</strong> &ldquo;<em>Today   is a great day for IPTO, as from its new role it assumes responsibility   for the implementation of a critical project for Cyprus, Greece and   Israel. We thank EuroAsia Interconnector for the trust shown in us. We   acknowledge the work that has been achieved in recent years to reach   today&rsquo;s stage of commencing construction work. We pledge that we will   work with all our powers to ensure the best conditions, so that the   Greece-Cyprus-Israel interconnection becomes a reality as soon as   possible and with the most favourable terms.&rdquo;</em></p>
234                    <p><strong>Nasos Ktorides, Chief Executive Officer of </strong><strong>EuroAsia Interconnector Ltd,</strong><strong> stated</strong>: &ldquo;<em>We   feel proud and extremely satisfied that after 12 years of hard work and   completion of the project&rsquo;s maturity stage, we are handing over to IPTO   the baton of commencing the construction of a project of leading energy   and geopolitical importance for Cyprus, Greece, Israel and Europe. The   assumption by IPTO as the project promoter of the electricity   interconnection project is a guarantee for its successful completion.&rdquo;</em></p>
235                    <p><strong><u>The</u></strong> <strong><u>EuroAsia</u></strong> <strong><u>Interconnector electricity interconnection:</u></strong></p>
236                    <p>The EuroAsia Interconnector is a 2,000 MW multi-terminal electricity   interconnection that connects the national electricity grids of Israel,   Cyprus and Greece (Crete) to Europe. The EuroAsia Interconnector is the   longest, at 890 km, and the deepest, up to 3,000m, HVDC interconnector   in the world. It ends the energy isolation of Cyprus, ensures security   of supply for Israel, Cyprus and Greece, and establishes a reliable   green interconnection for Europe. It significantly reduces CO2 emissions   and serves the European Commission&rsquo;s vision of the &ldquo;Green Deal&rdquo;.</p>
237                    <p>The EuroAsia Interconnector is a leading European Project of Common   Interest (PCl) and has been included in all five Union PCl lists since   2013.</p>
238                    <p>Following the approval of a €658 million grant from the European   &ldquo;Connecting Europe Facility&rdquo; and €100 million from the Recovery and   Resilience Fund, the EuroAsia Interconnector is moving on to the   construction phase.</p>
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Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.