The contracts for the electric cables of the 4th Phase of the Cyclades were concluded

Contracts totalling EUR 345 million were signed with the Hellenic Cables and Prysmian Groups for the study, supply and installation of the 150 kV AC high voltage submarine and underground cables

Another important milestone for the completion of the electrical interconnection of the Cyclades was achieved by IPTO, with the contracting of the cable sections of the interconnection of Folegandros, Milos and Serifos. The relevant contracts were signed today at the Operator’s headquarters by the President and CEO of IPTO, Mr. Manos Manousakis, the CEO of Cenergy Holdings and Hellenic Cables, Mr. Alexis Alexiou and the Senior Vice President Projects Business of Prysmian Group Mr. Detlev Waimann.

As part of the fourth and final phase of the major energy project with a total budget of EUR 524 million, IPTO will interconnect the three islands with Santorini and Lavrio by 2025, completing the integration of the Cyclades into the mainland high voltage system.     

The conclusion of the contracts for the study, construction and installation of the 150 kV AC submarine and underground high-voltage cables, amounting to EUR 345 million, was carried out after their expected approval by the Court of Auditors and with the agreement of the Coordination Service of the Special Recovery Fund - Greece 2.0, which is co-financing this project with EUR 106.5 million. It is recalled that the construction of Phase 4 of the electrical interconnection of the Cyclades is also co-financed with EUR 265 million by the European Investment Bank, of which EUR 108 million are funds from the Recovery and Resilience Mechanism. 

With the implementation of this project, which is at the core of IPTO’s investment plan, a new reliable route for the energy supply of the Cyclades will be created and the electricity supply of the island complex will be shielded, even in conditions of increased demand. 

Similar benefits will be achieved in another four indirectly interconnected islands (Ios, Kimolos, Sifnos and Kythnos), while due to the gradual withdrawal of old and polluting power generation plants, it is estimated that carbon dioxide emissions will be limited in the Cyclades as a whole by up to 200 thousand tons annually. At the same time, the electrical space for RES development will exceed 600 MW. 

On the occasion of the signing of the contracts, the Chairman and CEO of IPTO Mr. Manos Manousakis, said: “With the contracting of the cable part of the electrical interconnection of Folegandros, Milos and Serifos, we are taking another important step towards the full integration of the Cyclades into High Voltage. This green investment by the Operator will provide increased energy security to the islands throughout the year, will allow the withdrawal of polluting power generation plants in the Cyclades that use fuel oil and will further upgrade their valuable tourist product.”