EuroAsia Interconnector has secured the final building permit for its electricity converter station in Cyprus, where the €2.5 bln 1,000MW cable project will converge from Israel and Greece, connecting the power grids of all three countries by December 2023.
The company said in an announcement that “the issue of the relevant permit provides the green light for the construction of the HVDC converter station, for which Siemens has been chosen as the preferred bidder.”
Already, the Planning and Housing Bureau has approved since November 2019 the planning permit for the ‘high voltage direct current’ (HVDC) converter station with an ultimate capacity of 2,000 MW, as well as the landing points of the subsea cable.
In June last year, a 33-year land lease agreement was signed in Nicosia, with the project developer having the option to renew the lease for two more periods of 33 years each.
The company said, “the necessary environmental, technical and other studies have already been completed and the relevant permits received from the Cyprus authorities.”
The construction of the EuroAsia Interconnector will end the energy isolation of Cyprus, the last EU member state without any electricity energy interconnection.
Former Energy Minister George Lakkotrypis stated on several occasions that the interconnector will help significantly lower electricity costs in Cyprus, as the island is obliged to import diesel fuel to drive the power stations, while any excess from renewables and future natural gas output can be exported to other markets, mainly Europe.
That is why it is billed as a European Project of Common Interest (PCI 3.10) eligible for grants from the €8.7 bln fund (2021-2027) of the “Connecting Europe Facility” (CEF).