S'abonner

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.

Share:

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.

  • Populaires ​
Czech Republic hit by massive power outage disrupting the economy
Donald Trump significantly increases US tax credits for carbon capture
EDF postpones Calvados wind farm to 2027 due to faulty drilling tool
Gabon reactivates deep offshore blocks to stem oil decline
Egypt accelerates El-Dabaa national grid connection for 2026
Rio Tinto: five strategic priorities to close a 40% valuation discount
Rio Tinto’s new CEO inherits a significant stock market discount and will need to overcome major regulatory, operational, and financial hurdles to swiftly restore the company's appeal to international investors, according to a Wood Mackenzie analysis.
Westbridge launches Fontus, a strategic 380 MW data centre in Colorado
Westbridge Renewable Energy enters digital infrastructure market with Fontus, a 380 MW data centre campus in Colorado, positioned to meet strong growth in US cloud and artificial intelligence services.
Borr Drilling raises $102.5mn through issuance of 50 million ordinary shares
Offshore drilling company Borr Drilling Limited announced the completion of an initial tranche issuance of 30 million ordinary shares out of the planned 50 million, raising $61.5mn towards the total goal of $102.5mn.
EDF Restructures Governance to Accelerate Nuclear and Hydroelectric Projects
EDF announces a new internal organization with key executive appointments to enhance decision-making efficiency and expedite the revival of nuclear and hydroelectric projects central to its industrial strategy.
Rubis unveils half-year report on liquidity agreement with Exane BNP Paribas
Rubis announces half-year results of its liquidity agreement managed by Exane BNP Paribas, totalling 241,328 shares exchanged for an aggregate amount of €6.5mn in the first half of 2025.
CNOOC appoints Zhang Chuanjiang as new chairman to lead global strategy
Chinese oil giant CNOOC Limited appoints Zhang Chuanjiang as chairman, entrusting this experienced engineer to head the group's board of directors, strategic committee, and sustainability committee from July 8.
PTT Oil posts record profit and accelerates expansion in Asia
PTT Oil and Retail Business announces a 46% increase in net profit for the first quarter of 2025, driven by regional expansion in its energy and non-energy activities, alongside an integrated ESG strategy.
Shell forecasts decline in key business activities in second quarter
Shell revises downward its forecasts for the second quarter of 2025, anticipating notably a decline in Integrated Gas and Upstream segments, impacted by reduced volumes and lower profitability in several major activities.
Subsea 7 secures sizeable subsea contract for Egyptian tie-back
The Luxembourg-based group will handle engineering, procurement, commissioning and installation of flexible pipelines and umbilicals to link a new field to Egypt’s existing offshore infrastructure, with offshore work scheduled for 2026.
Octopus Energy prepares $14 billion spin-off of Kraken
British firm Octopus Energy is considering a £10 billion spin-off of Kraken Technologies, involving an upcoming minority stake sale, and has initiated preliminary discussions with banks to oversee the strategic operation within the next year.
Ardian completes Akuo takeover and installs Bruno Bensasson at the helm
Investment fund Ardian finalises its takeover of Akuo and appoints former Électricité de France executive Bruno Bensasson to steer the renewable-energy developer’s growth towards five gigawatts of installed capacity by 2030.
TotalEnergies acquires 1.5 GW of AES renewable assets in the Caribbean
TotalEnergies acquires 50% of AES' renewable portfolio in the Dominican Republic following a previous purchase of 30% of similar assets in Puerto Rico, consolidating 1.5 GW of solar, wind, and battery storage capacities in the Caribbean.
TotalEnergies sells 50% of its renewable assets in Portugal for €178.5mn
TotalEnergies is selling half of a 604 MW Portuguese energy portfolio to the Japanese consortium MM Capital, Daiwa Energy and Mizuho Leasing for €178.5mn, retaining operation and future commercialisation of the assets concerned.
Q ENERGY raises €109 million from BPCE Energeco for renewable projects
Q ENERGY France secures a bank financing of €109 million arranged by BPCE Energeco to build four new energy production facilities, totalling 55 MW of wind and solar capacity by the end of 2024.
Shell forced to amend two annual reports following EY’s compliance breach
Shell announces amendment of two annual reports after notification by Ernst & Young of non-compliance with SEC auditor partner rotation rules; however, financial statements remain unchanged.
Ecopetrol obtains authorization to expand its sustainable bond issuance program
The Financial Superintendency of Colombia approves an amendment to Ecopetrol’s local bonds and commercial paper program, enabling issuance of sustainable, indexed, or in-kind repayable instruments.
ABO Energy sells its Greek subsidiary to HELLENiQ ENERGY Holdings
ABO Energy is selling its subsidiary ABO Energy Hellas and an energy project portfolio of approximately 1.5 gigawatts to HELLENiQ ENERGY Holdings, thus refocusing its strategic resources towards other markets, notably Germany, without major financial impact anticipated for 2025.
Iberdrola increases supplementary dividend by 16.5% to €0.409 per share
Iberdrola announces a supplementary dividend of €0.409 per share for 2024 under the "Iberdrola Retribución Flexible" programme, bringing the total annual remuneration to €0.645 per share, representing a year-on-year increase of 15.6%.
BHP signs with COSCO to charter two ammonia-powered bulk carriers
BHP has signed contracts with COSCO Shipping to charter two ammonia-powered Newcastlemax bulk carriers, primarily for transporting iron ore between Western Australia and Northeast Asia starting from 2028.
CBAK Energy invests $357 million in Malaysia with Anker Innovations
CBAK Energy and Anker Innovations jointly launch a battery cell manufacturing facility in Malaysia, with a commercial potential estimated at $357 million, further strengthening their strategic partnership in the lithium-ion battery sector.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING