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Tuesday, April 23, 2024

ADMIE: “The Crete-Cyprus interconnection has started” – In the second quarter of 2024, the construction of the cable

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The laying of the cable is expected within 2026, if all goes according to plan

ΑΔΜΗΕ: «ΞεκΙνη&sigma ;ε η διασύνδεση Κρorτης-Κύπρου» - Τ&omicron ; β' τρλμηνο 2024 η κατασκευor καλωδλου

With the order to Nexans for the construction of the cable for the electrical interconnection of Crete – Cyprus, the construction of the Great Sea Interconnector (EuroAsia Interconnector) project, which concerns the electrical interconnection, through cables, Greece-Cyprus-Israel, has actually begun, he said at KYPE, Manos Manousakis, President and CEO of the Independent Electricity Transmission Operator (ADMIE), which is the implementing body of the entire project.

At the same time, as the KYPE was informed by the Administration of ADMIE, the start of construction of the cable (HVDC) by Nexans, which undertook the study, construction and installation of the cable systems, will begin in the second quarter of 2024, a period during which start the study of the bottom of the sea area between Crete and Cyprus where the cable will be laid. The laying of the cable, according to the same information, is expected within 2026, if all goes according to plan.

Specifically, Mr. Manousakis said that “we paid the first milestone of the contract with (French company) Nexans, amounting to 55 million euros, and at the same time we sent the so-called 'First Notice to Proceed' to Nexans, which is the official commitment of the project implementer to the cable manufacturer, in order to immediately start the production of the cable in the factory”.

“In this way, the manufacture of the cable in the factory by Nexans with the project to pass another milestone based on what the European Commission has set”, he underlined.

“So we can say that the construction of the project has started”, he emphasized.

He noted that the disbursement of 55 million euros was made from the total amount of the project subsidy, amounting to 657 million euros, from the European Union's Executive Agency for Climate, Infrastructure and the Environment (CINEA).

He also mentioned that “along with this advance payment we are giving to Nexans, we have some subcontractor work going on to prepare the field, where the cable will be sealed”.

He added that the contract with CINEA ( Grant agreement) has specific milestones and depending on the progress of the project, the amounts will be disbursed.

The Managing Director of ADMIE also said that “then the contract with Siemens must be completed, which is at the stage of the study carried out by Siemens, in order to finalize the equipment it will manufacture for the project”.

“The study concerns the participation or not of the Republic of Cyprus in the project as a shareholder”, he said and added that “the project is moving forward regardless of the outcome of the study”.

What everyone is interested in, according to Mr. Manousakis, “is the participation of the Republic of Cyprus in the project and it is something that has been expressed at the highest level by the Greek Government to the Republic of Cyprus and ADMIE is positive about this possibility”.

He noted that the contract with Siemens is part of the transaction made between ADMIE and the previous implementing body.

Regarding the part of the project concerning the Cyprus-Israel electrical interconnection, the Mr. Manousakis told KYPE that “we are waiting for the agreement between the regulatory authorities of Cyprus and Israel to be able to promote it”.

Regarding the participation of additional investors in the project, the Managing Director of ADMIE said that “we are talking with the investment community about the whole project and there is the expressed interest from the Israelis and from the state fund from the United Arab Emirates with whom we have signed “, while he mentioned that there is interest from other funds whose names he cannot disclose at the moment, before relevant agreements are signed.

“All this is also related to when the investment decision of the Republic of Cyprus will be completed,” said Mr. Manousakis, who expressed the belief that the equity composition of the project will be completed by the second quarter of 2024 at the latest.

In addition, he stated that “simultaneously with all this, the composition of the company, Great Sea Interconnector, is being done, we are looking for offices, while we will hire some of the people who worked in the previous implementing body in order to have a smooth continuity” and noted that there will be a presence of company in Cyprus.

History of agreement with Nexans

Referring to the history of the agreement with Nexans and the involvement of ADMIE, Mr. Manousakis explained that the company Nexans had signed a contract since the time of the previous implementing agency, when ADMIE was a technical advisor to the previous implementing agency in the negotiation to sign this contract.

He stated that the transaction between ADMIE and the previous agency was subsequently completed implementation of which was part of “the transfer of this contract from the previous implementation body to ADMIE”.

He also said that part of this transaction was also the transfer, from the previous implementation body, of the Grant agreement , amounting to 657 million euros from CINEA (Executive Agency of the European Union for Climate, Infrastructure and the Environment) to ADMIE and at the same time the transfer of the first advance payment received by the previous body.

Source: www.kathimerini.com.cy

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