The Independent Power Transmission Operator SA (IPTO) will assume the implementation and promotion of the project connecting the electricity grids of Greece, Cyprus, and Israel, following an agreement with EuroAsia Interconnector on Friday.
The two companies jointly announced the agreement to the European Commission and all related governments and agencies in Greece, Cyprus, and Israel, IPTO said in a statement.
IPTO has been contributing to the project as technical consultant since 2021, and provides highly-specialized staff and long-standing experience with technical know-how in technically complex projects, it said, citing as examples the Attica Region link with Crete, expected to be completed in 2024. Both EuroAsia Interconnector and IPTO will work closely to help the transition to the new agency within the tight timeline of the governments and the EU, it added.
The project, visualized by EuroAsia Interconnector since 2011 and funded by 658 million euros from the EU (Connecting Europe Facility), will end Cyprus' isolation as the last EU member currently not connected to the European transmission system, and will guarantee the island republic's strong energy protection. Israel will also enforce the security of its supply, with an opportunity to further and faster increase its share in renewable energy sources.
