TAQA and Cyprus on the road to a New Energy Era in the Mediterranean
TAQA signs a Memorandum of Understanding with Cyprus and Greece, marking a strategic turning point in energy interconnection and the green transition in the Eastern Mediterranean.
| Sectors | Power Grids, HVDC |
|---|---|
| Themes | Investments & Transactions, Commercial Partnerships |
| Companies | Nexans, Fluor, TAQA, Méridiam |
| Countries | United Arab Emirates, Cyprus, United Kingdom, Greece, Morocco, Romania |
Abu Dhabi National Energy Company PJSC (TAQA), in collaboration with the Cyprus Ministry of Energy, Trade and Industry and the Independent Power Transmission Operator of Greece (IPTO), has signed a memorandum of understanding to become one of the shareholders in a 900 km high-voltage direct current (HVDC) electricity interconnection project between Greece and Cyprus. The project, worth 1.9 billion euros, aims to end Cyprus’s energy isolation and enhance energy security in the region.
A strong commitment from stakeholders
The signing ceremony, which took place during the 28th Conference of the Parties (COP28) in Dubai, was attended by leading figures including the Cypriot Minister of Energy, Mr. George Papanastasiou, the President and CEO of IPTO, Mr. Manos Manousakis, and the CEO of TAQA, Mr. Jasim Husain Thabet. This initiative marks a milestone in energy cooperation between Cyprus, Greece and the United Arab Emirates.
The interconnection project aims to harness the renewable energy potential of Cyprus and Greece, two countries with strong solar and wind energy potential. It will contribute to the green transition and the export of clean energy to the European Union, while strengthening energy security in the Eastern Mediterranean region.
Technical Advances and Developments
The project is at an advanced stage, with feasibility studies completed and contracts for two major engineering, procurement and construction (EPC) components already booked. In July 2023, NEXANS was awarded a €1.43 billion contract for the HVDC cables, and Siemens AG was named preferred bidder for the construction of the two VSC HVDC converter stations.
Strategy and Long-Term Vision
IPTO is implementing a €5 billion development program between now and the end of the decade, including island interconnections in Greece and cross-border interconnections essential to the energy transition. TAQA, meanwhile, is continuing its international expansion in transmission and distribution, with this HVDC project as its third major initiative outside the United Arab Emirates announced this year.
This partnership between TAQA, Cyprus and Greece symbolizes a significant step forward in energy connectivity and ecological transition in the Eastern Mediterranean, paving the way for a safer, more sustainable energy future.
