TAQA Enters Key MoU to Join Greece-Cyprus HVDC Interconnection Project, Aiming for Energy Security and Clean Energy Deployment

Abu Dhabi National Energy Company PJSC (TAQA), a major integrated utility firm across Europe, the Middle East, and Africa, has inked a pivotal memorandum of understanding (MoU). This MoU explores TAQA’s potential role as a shareholder in a substantial project—developing a 900km high-voltage direct current (HVDC) electricity link between Greece and Cyprus.

This strategic move involves TAQA exploring participation alongside Greece’s Independent Power Transmission Operation (IPTO) and the Cyprus Government. The estimated cost for constructing this ambitious project is approximately 1.9 billion euros (around AED 7.5 billion).

The signing ceremony took place at the 28th United Nations Conference of the Parties (COP28) to the UNFCCC in Dubai. Notable attendees included H.E. Mr. George Papanastasiou, Cyprus Minister of Energy, Commerce, and Industry, Mr. Manos Manousakis, President and CEO of IPTO, and Mr. Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director.

This project marks a significant milestone as it aims to end Cyprus’ energy isolation, bolster energy security in the Eastern Mediterranean, and facilitate the transmission of clean energy to Cyprus, Greece, and the broader European Union (EU). Cyprus stands poised with substantial green energy export potential, emphasizing investments in clean energy flow across neighboring regions.

George Papanastasiou, Cyprus Minister of Energy, Commerce, and Industry, highlighted the agreement’s importance in breaking Cyprus’ energy isolation and advancing broader energy security and sustainability goals.

Manos Manousakis, President and CEO of IPTO, emphasized the heightened investor interest in the “Great Sea Interconnector” project and its pivotal role in enhancing energy security and the green transition in the Eastern Mediterranean.

Jasim Husain Thabet, TAQA’s Group CEO, expressed satisfaction with TAQA’s involvement in yet another transformative project. The company’s commitment lies in investing in essential transmission infrastructure to expedite clean energy deployment and ensure energy security.

This project aligns with the global necessity to triple renewable energy capacity by 2030 to meet the Paris Agreement’s 1.5C target. The advanced stage of the Greece-Cyprus interconnection project, with completed feasibility studies and major contracts awarded, underscores its momentum.

IPTO, the project’s promoter, is executing a significant 5 billion euro (around AED 19 billion) development program by the decade’s end. This program encompasses island and cross-border interconnections, catalyzing the energy transition in Greece and neighboring regions.

TAQA’s recent growth targets for 2030 underscore their international expansion plans in the Transmission and Distribution sector. This marks the third HVDC project announcement outside the UAE this year, following their collaborations in Romania and the UK-Morocco subsea cable project.