Significant steps in the implementation of the Greece-Cyprus-Israel electricity interconnection, which will definitively and sustainably lift the energy isolation of Cyprus, are underway, IPTO officials say.

On the construction front, the contractor of the cable sections, Nexans, has been given the green light by the Marine Exploration Licensing Committee to start seabed exploration. The vessel, on behalf of the French company, will immediately start mapping the seabed in order to select the optimal route for the submarine cable connecting Cyprus to Crete.

On the financing front, it was agreed between IPTO and the United States sovereign wealth fund DFC to send the proposed term sheet for the project immediately, following the letter of intent (LoI) recently addressed to the Implementing Agency. IPTO is very close to having proposed financing terms from Greek commercial banks as well, and it is continuing its rounds of contacts with interested investors for equity participation in the project. The Operator is also in discussions with the Bank of Cyprus, which has already started the technical and financial evaluation of the project in order to participate in its financing.

In the field of informing the productive stakeholders of Cyprus, the management of IPTO had on Thursday, June 13, a detailed discussion with the Cyprus Federation of Employers & Industrialists (OEB) on the benefits and technical characteristics of the project.

During the teleconference held with representatives of Professional Associations and other organized assemblies, including Members of the OEB, including the Cyprus Electricity Market Association (CMA), the advantages of the electrical interconnection over the scenario of Cyprus' development as an isolated energy system were presented in detail, according to the results of the cost-benefit study (CBA) presented by the consultants of the IPTO during their recent visit to Cyprus. In addition, detailed answers were given by the consultants and the IPTO executives to all the issues raised, such as energy imports and exports in Cyprus, technical issues of the operation of the interconnection and the country's electricity system, the necessity and economic viability of the energy infrastructure that exists or should be developed, etc.