Cyprus government has signed a 33 year lease agreement for the construction of HVDC converter station near Kofinou
On behalf of the Republic of Cyprus, the Ministry of Energy, Commerce and Industry has signed the land concession agreement for the construction of the HVDC converter station for the EuroAsia Interconnector.
The interconnector connects the electricity networks of Cyprus, Israel, Crete and Attica in Greece, with a transfer capacity of 2000MW.
The agreement was signed by the Minister of Energy, Trade and Industry, Giorgos Lakkotropis and the Ministry Director General Stelios Himonas, and the project promoter EuroAsia Interconnector CEO Nassos Ktoridis and the project director George Killas.
EuroAsia Interconnector said that the lease agreement paves the way to start the construction works at the project of common interest for the European Union with significant socio-economic benefits worth £8.9bn euros.
The agreement was signed for a span of 33 years, providing an option for the project promoter to renew the lease extending for a further 66 years.
The proposed HVDC converter will be constructed in a property near Kofinou covering an area of 74,088m2
EuroAsia Interconnector said: “The necessary technical and other studies have been completed and the environmental permit has been secured from the Cypriot authorities, and the planning permission is already underway for the construction of the converter station and other works.”
The construction of first phase of the project Cyprus-Crete-Attica with a capacity to transfer 1000MW is expected to cost £3.1bn.
The company said that the interconnection between Crete and Attica is expected to be operational in June 2022 and is expected to interconnect Cyprus to the system by December 2023, after completing the Cyprus-Crete-Attica interconnection.
In addition, the project plays important role in the states involved and contributing to the achievement of the European Union’s energy goals, as the project falls within its energy policy, and ends the energy isolation of Cyprus, the last EU member state without any electricity interconnection.