TAQA Explores Shareholding in Greece-Cyprus HVDC Project
In a significant move towards enhancing energy connectivity in the Eastern Mediterranean, Abu Dhabi National Energy Company (TAQA), a major utility player, has signed a Memorandum of Understanding (MoU) to explore becoming a shareholder in a pioneering 900km high-voltage direct current (HVDC) electricity interconnection project between Greece and Cyprus. Under the legal guidance of Mohammad Adnan Sharafi, Chief Legal Officer and Board Secretary of TAQA (pictured), the MoU involves potential collaboration with Greece’s transmission system operator, IPTO, and the Cyprus Government.
The construction of this ambitious project, expected to cost around €1.9 billion (approximately AED 7.5 billion), aims to end Cyprus’ energy isolation, enhance energy security in the region, and promote the development and export of clean energy to Cyprus, Greece, and the broader European Union. The signing ceremony, attended by key stakeholders, took place at the 28th United Nations Conference of the Parties (COP28) in Dubai.
Cyprus, with substantial green energy export potential, plans to invest heavily in clean energy flow between neighboring countries. The agreement underscores the countries’ high renewable energy potential, making them ideal locations for such transformative projects.
George Papanastasiou, Cyprus Minister of Energy, Commerce, and Industry, highlighted the strategic importance of the project in lifting Cyprus’ energy isolation, fortifying energy security, reducing electricity costs, and expediting the green transition. He welcomed the participation of IPTO and TAQA, expressing confidence in their involvement.
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer, emphasized the company’s commitment to investing in transmission infrastructure essential for the energy transition. This strategic collaboration aligns with TAQA’s low-carbon objectives, aiming to accelerate the deployment of clean energy in the Eastern Mediterranean.
As part of its comprehensive 2030 growth targets, TAQA continues to expand its Transmission and Distribution business internationally. This marks TAQA’s third HVDC project outside the UAE this year, following collaborations in Romania and the UK-Morocco subsea cable project.
The project is in an advanced stage, with feasibility studies completed, and major engineering, procurement, and construction contracts awarded. Nexans and Siemens AG are among the key partners, securing contracts for HVDC cables and converter stations, respectively.
The anticipated completion of this groundbreaking project is aligned with the global commitment to triple renewable energy capacity by 2030 and achieve the Paris Agreement’s 1.5°C target.
