Τhe Independent Power Transmission Operator (IPTO) informed about the developments regarding the implementation of the Greece-Cyprus-Israel electrical interconnection, noting that the project will definitively and sustainably remove the energy isolation of Cyprus.
In particular, as stated by the Operator:
- In the field of construction, the contractor of the Nexans cable sections received the “green” light in order to start the seabed surveys. The ship on behalf of the French company will immediately start mapping the seabed in order to choose the optimal route for the submarine cable that will connect Cyprus to Crete.
- In the field of financing, it was agreed between the IPTO and the United States government fund DFC to immediately send the proposed financing terms (term sheet) of the project, following the letter of intent (LoI) that it had recently addressed to the Implementing Agency. The IPTO is very close to having proposed terms of financing from Greek commercial banks as well, while continuing the rounds of contacts with interested investors for equity participation in the project. Also, the Operator is in discussions with the Bank of Cyprus, which has already started the technical and financial evaluation of the project, in order to participate in its financing.
- In the field of informing the productive entities of Cyprus, the management of the IPTO had a detailed discussion with the Cypriot Federation of Employers & Industrialists about the benefits and technical characteristics of the project.
