France’s Nexans has received a $1.6 billion (EUR 1.43 billion) contract from Cyprus’ EuroAsia Interconnector Ltd. to construct an undersea cable connecting the electrical energy grids of Greece, Cyprus and Israel for the trade of as much as 1,000 megawatts.
The Mediterranean Sea infrastructure “will finish the vitality isolation of all Cyprus and Israel, creating safety provide and an vitality freeway between Europe and Asia”, EuroAsia Interconnector stated in a press launch Wednesday.
The corporate stated the cable can be the longest and deepest submarine energy conveyor stretching about 750 miles (1.208 kilometers) at round 9,800 ft (3,000 meters) beneath water. The 525-kilovolt direct present cable measures roughly 1×560 miles (2×900 kilometers) in bi-pole size, based on EuroAsia Interconnector.
“The EuroAsia Interconnector will trade at Stage One 1,000 MW between Israel, Cyprus and Greece with Europe, with the aptitude of accelerating at Stage Two to 2,000 MW, the equal to three million households’ electrical energy consumption”, the Nicosia-based proprietor stated.
Chief government Nasos Ktorides famous Cyprus is the final European Union member to be non-interconnected in energy.
Nexans has been contracted for engineering, building and set up. “Subsea HVDC Mass Impregnated cables shall be manufactured in Nexans’ services in Halden (Norway) and Futtsu (Japan) and shall be put in by the state-of-the-art cable laying vessels Nexans Aurora and Nexans Skagerrak”, EuroAsia Interconnector stated.
The undertaking is listed as an EU Venture of Widespread Curiosity (PCI). Meaning it qualifies for accelerated allowing and funding underneath the Connecting Europe Facility (CEF), an EU fund for digital, vitality and transport integration infrastructure.
EuroAsia Interconnector has secured a grant from the European Local weather, Infrastructure and Environmental Government Company for the undertaking. “The quantity of EUR 657,905,500.00 [about $737 million] granted to EuroAsia Interconnector is the most important funding ever granted to Cyprus and one of many largest funding quantities from the Connecting Europe Facility for electrical energy interconnectors”, EuroAsia Interconnector introduced September 9, 2022.
The assist provides to round $112 million (EUR100 million) in grant earlier agreed to by the EU Council underneath the Restoration and Resilience Facility, as introduced by EuroAsia Interconnector July 27, 2021.
The majority of the electrical energy exchanged by the cable can be sourced from renewable and decarbonized sources as a PCI undertaking, Nexans stated in a separate media assertion.
“This [the project] is an important step on the trail to a carbon-free financial system”, Nexans Christopher Guerin commented.
The Paris-listed firm stated it “is main the way in which in connecting elements of the world with the very best renewable vitality potential to areas with the best demand for electrical energy”.
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