February 23, 2024

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Abu Dhabi’s Taqa might take stake in Dh7.5b Greece-Cyprus energy challenge

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The challenge – which can ‘terminate Cyprus’ vitality isolation – will help ‘enhance’ vitality safety within the Jap Mediterranean, and assist with the event and export of fresh vitality to Cyprus, Greece and the remainder of the EU.

Cyprus has ‘important inexperienced vitality export potential’ with the nation investing within the move of fresh vitality between neighbouring international locations and areas. “Cyprus and Greece have a number of the highest potential for renewable vitality in Europe for each photo voltaic and onshore and offshore wind energy technology, making the 2 international locations very best places for a challenge of this sort,” mentioned Taqa in a press release.

“HVDC initiatives are very important to attach clear vitality initiatives to the end-users,” mentioned Jasim Husain Thabet, Group CEO of Taqa. “We’re ambitiously accelerating funding and development in our infrastructure enterprise to assist our stakeholders scale up their clear vitality to fulfill the rising demand for safe, dependable and sustainable energy.”

“As an EU Mission of Frequent Curiosity, which has already been accepted for a 657 million euro grant from the ‘Connecting Europe Facility’, the interconnection is of essential significance to Cyprus as its development will elevate our island’s ongoing vitality isolation,” mentioned George Papanastasiou, Cyprus’ Minister of Vitality, Commerce, and Trade.

The challenge can be key to reaching Cyprus’ wider vitality technique objectives of fortifying its vitality safety, decreasing the price of electrical energy for the advantage of our economic system’s competitiveness, in addition to expediting our inexperienced transition.”

The inter-connection challenge with Greece is at an ‘superior stage’, with feasibility research full and contracts on two main engineering, procurement and development (EPC) elements reserved.

In July final, Nexans was awarded a 1.43 billion euro contract for the HVDC cables contract. Siemens AG was appointed as the popular bidder for the contract to construct the 2 VSC HVDC converter stations for the challenge.

Greece’s IPTO – a promoter within the challenge – is implementing a 5 billion euro improvement programme by the tip of the last decade, which features a collection of island interconnections inside Greece in addition to cross-border interconnections.

Among the many main initiatives the Greek TSO is implementing are the Attica-Crete interconnection – one of many ‘largest and more difficult HVDC initiatives at the moment below development’ – and the interconnections of the Western Cyclades, Dodecanese and the North Aegean islands. There’s additionally a second interconnection with Italy, which can triple the web capability for the switch of electrical energy between Italy and Greece.

IPTO is maturing the Inexperienced Aegean Interconnector (GAI), a brand new hall for the transmission of fresh vitality generated within the Jap Mediterranean and the south of Europe on to main consumption centres and industrial zones in central Europe.

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