TAQA, the Ministry of Energy, Commerce and Industry of Cyprus and the Independent Power Transmission Operator sign MoU

TAQA, the Ministry of Energy, Commerce and Industry of Cyprus and the Independent Power Transmission Operator sign MoU

The planned 900 km electricity interconnection between Greece and Cyprus will terminate Cyprus’ energy isolation, increase energy security in the Eastern Mediterranean and accelerate the development of renewable energy

Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utility companies in Europe, the Middle East and Africa, has signed a memorandum of understanding (MoU) to explore the possibility of becoming one of the shareholders in a project to develop a 900km high-voltage direct current (HVDC) electricity interconnection between Greece and Cyprus (the “Project”).

Under the terms of the MoU, TAQA will explore joining Greece’s transmission system operator, Independent Power Transmission Operation of Greece (IPTO) and the Cyprus Government as shareholders in a project whose construction is expected to cost approximately 1.9 billion euro (around AED 7.5 billion).

To mark the occasion, a signing ceremony was held at the 28th United Nations Conference of the Parties (COP28) to the UNFCCC in Dubai, in the presence of H.E. Mr. George Papanastasiou, Cyprus Minister of Energy, Commerce, and Industry, Mr. Manos Manousakis, President and CEO of IPTO, and Mr. Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director.

The Project will terminate Cyprus’ energy isolation, increase energy security