27 May Construction of EuroAfrica Interconnector signed in Cairo; tying the electricity network of Egypt and Cyprus
On Wednesday, 22nd May 2019, a historic framework agreement was signed in Cairo, in Egypt, for the construction and commissioning of the EuroAfrica Interconnector which will tie the electricity networks of Egypt and Cyprus (https://www.stockwatch.com.cy/en/article/diethni-energeia/agreement-signed-egypt-europe-electricity-interconnector-cyprus).
The EuroAfrica Interconnector will link the Greek, Cypriot, and Egypt power grids via submarine power cable. It is an energy highway bridging Africa and Europe (https://www.4coffshore.com/transmission/interconnector-euroafrica-interconnector-(cyprus-to-greece)-icid482.html) (https://www.euroafrica-interconnector.com/wp-content/uploads/2018/02/20170206-EuroAfrica-Interconnetcor-SPEECH-of-Mr-Ktorides.pdf).
The agreement follows the conclusion of viability studies conducted by the EuroAfrica Interconnector which showed the benefits of the project, as well as its maturity, allowing it to enter the implementation stage (https://cyprus-mail.com/2019/05/23/cyprus-egypt-electricity-framework-agreement-signed/).
This agreement provides for the development of an electricity interconnection with the use of subsea high-voltage direct current (HVDC) cables with eth capacity to transmit 2,000MW (https://in-cyprus.com/historic-agreement-for-egypt-europe-electricity-interconnector-via-cyprus/).
Furthermore, the agreement provides for the interconnection to be completed in two phases, the first being for the transmission capacity of 1,000MW which will be implemented within the timeframes and assurances provided to President El-Sisi.
EuroAfrica Interconnector CEO, Nasos Ktorides, and the Head of the Egyptian Electricity Transmission Company, Sabah Mohamed Mashal, signed the agreement (https://cyprus-mail.com/2019/05/23/cyprus-egypt-electricity-framework-agreement-signed/).
Prime Minister of Egypt Moustafa Madbouly, Chairman of the Egyptian Electricity Holding Company Gaber Dessouki, Minister of Electricity and Renewable Energy Mohamed Shaker El-Markabi, former Cypriot Minister of Foreign Affairs and Chairman of the Strategic Council of the EuroAfrica Interconnector Ioannis Kasoulides, Cyprus Ambassador to Cairo Haris Moritsis, senior Egyptian government officials and EuroAfrica Interconnector executives, were also present at the signing ceremony.
The EuroAfrica Chairman, Mr. Kasoulides stated that “Cyprus now becomes a major hub for the transmission of electricity from Africa to Europe, and Egypt establishes itself as a regional energy hub for the transmission of electricity from Africa to the Arabian peninsula“. He further added that “this is the first practical implementation of the vision of our foreign policy for the relations with the region of the Eastern Mediterranean” (https://www.stockwatch.com.cy/en/article/diethni-energeia/agreement-signed-egypt-europe-electricity-interconnector-cyprus).
The significance of the signed agreement is further exemplified by the Chairman’s statement, “This is a historic day for our countries, for Egypt and Cyprus, as the national electricity grid of Egypt will be linked to the European electricity system through Cyprus and will contribute to energy security, as well as the welfare and progress of our two nations”.
Mr. Ktorides declared that, “as project promoters, we are committed to the timely implementation and commissioning of the EuroAfrica Interconnector electricity interconnection within the determined timeframe that has been agreed and which is our priority”.
On a final note, Mr. El-Markabi expressed his full support to the EuroAfrica Interconnector, explaining that the signing for the historic agreement is the start of the project that will achieve social, economic and political benefits for the countries concerned (https://cyprus-mail.com/2019/05/23/cyprus-egypt-electricity-framework-agreement-signed/).