Nexans wins record-breaking contract for the EuroAsia Interconnector

In a historic first, Nexans has been awarded the major turnkey contract valued at €1.43 billion for the section of the EuroAsia Interconnector that connects Greece and Cyprus. As a critical part of a broader project to connect the grids of Greece, Israel, and Cyprus, the 525kV high voltage direct current (HVDC) cable will be the longest and deepest interconnector in the world with a bi-pole length of 2x900 km, and will run across the Mediterranean Sea floor at depths of over 3,000 meters. Subsea HVDC Mass Impregnated cables will be manufactured in Nexans' facilities in Halden (Norway) and Futtsu (Japan), and will be installed by the state-of-the-art cable laying vessels Nexans Aurora and Nexans Skagerrak.

The EuroAsia Interconnector will exchange up to 1,000 MW among the three nations with the capability of increasing to 2,000 MW, the equivalent to 3 million households' average electricity consumption, and will end the energy isolation of Cyprus by creating an energy highway between Europe and Asia, it will be the largest interconnector project in history, supplying over 3 million homes with electricity. Pole One is expected to be completed in 2028 and Pole Two in 2029.

The interconnector has been designated as a Project of Common Interest (PCI) by the European Union which will allow the project to benefit from accelerated planning and permitting, lower administrative costs, and public participation. To qualify as a PCI, a project must also contribute to the European Union's energy and climate goals, and as a result, much of the electricity being shared will be from renewable and decarbonized sources.

IPTO, Transmission System Operator of Greece, has been providing technical and operational capacity to the project ensuring the successful implementation.

The parties expect formal clearance of the Greek and Cypriot energy regulators to intervene in due course.

Nexans is pushing the boundaries of its strategy and keeps expanding into new and important markets, as demonstrated with Nexans' recent awards including the 2GW Frame Agreement with TenneT with breakthrough 525 kV offshore cable technology, and the Celtic Interconnector connecting France and Ireland. The Group is leading the way in connecting parts of the world with the highest renewable energy potential to locations with the greatest demand for electricity. From energy generation and transmission to distribution and usage, Nexans' solutions cover the full electrification value chain to connect the world's renewable energy sources and ensure electricity can be delivered to all corners of the world securely, reliably and efficiently.