The implementation of the Great Sea Interconnector, a significant project concerning the electrical interconnection through cables between Greece, Cyprus, and Israel, has officially begun as the company “Nexans” was ordered to proceed with the construction of the cable for the Crete-Cyprus electrical link, Manos Manousakis, President and CEO of IPTO told the Cyprus News Agency.

As CNA learns from the Greece’s Independent Power Transmission Operator (IPTO) administration, the start of the cable (HVDC) construction by "Nexans", which has undertaken the study, construction, and installation of cable systems, is set to begin in the second quarter of 2024. This period will also mark the initiation of the seabed study in the marine area between Crete and Cyprus, where the cable will be laid. The cable laying, according to the same information, is expected to be completed by 2026, if everything progresses according to schedule.

As Manos Manousakis, who is responsible for the project's execution, told CNA, they fulfilled the first milestone of the contract with “Nexans”, amounting to 55 million euros, and simultaneously sent the 'First Notice to Proceed' to the company. This marks the official commitment of the project's implementing body to the cable manufacturer to immediately start cable production at the factory.

"With this step, the construction of the cable by Nexans is now definitively secured, and the project passes another milestone in line with the directives set by the European Commission," he noted.

“We can now say that the project has started," he said.

According to Manousakis, the disbursement of 55 million euros came from the total project subsidy amounting to 657 million euros, granted by the Executive Agency of the European Union for Climate, Infrastructure, and Environment (CINEA).

Regarding the agreement with CINEA, Manousakis said that specific milestones are outlined, and disbursements will be made based on the project's progress.

Manousakis also noted that the contract with “Siemens”, currently in the study phase, needs to be finalized. This involves “Siemens” determining the equipment it will manufacture for the project.

"The study involves the participation or not of the Republic of Cyprus in the project as a shareholder," he said adding that the project continues regardless of the study's outcome.

Highlighting the significance of Cyprus's participation in the project, Manousakis said that the interest is for the Republic of Cyprus to participate in the project, an intention expressed at a high level by the Greek Government to the Republic of Cyprus. He added that IPTO is positive regarding this potential.