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Euroasia Interconnector Remains Committed to Timely Implementation of Attica-Crete-Cyprus-Israel Interconnection

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Euroasia Interconnector Remains Committed to Timely Implementation of Attica-Crete-Cyprus-Israel Interconnection PRESS RELEASE EuroAsia Interconnector remains committed to timely implementation of Attica-Crete-Cyprus-Israel interconnection Nicosia, 18 March 2019 – The Project Promoter of the Israel-Cyprus-Crete-Attica electricity interconnection under European Regulation 347/2013 is working tirelessly to implement the European PCI 3.10 EuroAsia Interconnector project within the approved timeframes, including the section of the Crete-Attica interconnection PCI 3.10.3, within 2022. The timely implementation of the entire project, the priority being the Crete-Attica interconnector with the 1000 MW subsea cable, enjoys the trust and support of the European Commission and the relevant institutions of the European Union. As the project enters the final stage of its implementation, reports in the Greek media as well as allegations and statements by various public officials have cast a doubt over the timely implementation of the project, the stage of maturity of the interconnection, as well as the financial and technical capabilities of the Project Promoter, which the Project Promoter EuroAsia Interconnector wishes to clarify: 1. “National project” In response to allegations that the Crete-Attica interconnection should be a national project that rightfully belongs only to ADMIE, the Project Promoter notes that since 2013 the Greek and Cypriot Governments, the Regulatory Authorities and the Transmission Operators of Greece and Cyprus have agreed that the project is implemented by EuroAsia Interconnector within the framework of European Regulation 347/2013 as a cross-border project in its entirety, which was also confirmed by the political decisions at the level of Heads of State and the inclusion of the project in the PCI lists of 2013, 2015 and 2017. Its implementation was legally ratified by the joint RAE-CERA regulatory decision in October 2017, which is an international convention that binds the contracting parties. 1 The Project Promoter had accepted from the beginning the complete transfer of the Crete-Attica interconnection to ADMIE when operational in 2022. The recent decision of the Greek side, as formally expressed by the Minister of Energy for the construction of Crete-Attica by ADMIE / ARIADNE as a National Project, does not replace the construction of the already approved PCI project 3.10.3, but essentially creates a new project and reverts to the pre-MOU phase, ie the construction of two (or more) separate projects, which RAE itself rightly sought to avoid in 2016, on the basis of Decision 280/2016. 2. Implementation of the Memorandum of Understanding (ΜοU) The Memorandum of Understanding (MOU) co-signed in October 2017 by EuroAsia Interconnector as the Project Promoter and ADMIE for the establishment of a joint venture that would undertake the financing and construction of the Crete-Attica project, had two key terms: (a) the composition of the shareholding structure; and (b) the ownership status of the project. Shareholding Structure in joint SPV company with ADMIE Regarding the shareholding structure (51% by ADMIE, 39% by EuroAsia Interconnector and 10% by third-party investors), the Project Promoter has accepted this in writing from the outset and continues to accept this term. Ownership Status Regarding the ownership status, the Project Promoter accepted from the outset and continues to accept the full transfer of the Crete-Attica interconnection to ADMIE immediately after its electrification, in 2022. In relation to the remaining terms of the under negotiation shareholders’ agreement proposed by ADMIE, EuroAsia Interconnector has no other commercial or business dispute on any matter related to the shareholders’ agreement other than securing technical specifications and tender procedures to ensure the interoperability of the overall project, which is the Project Promoter’s responsibility under Regulation 347/2013. As a result, the Project Promoter has never withdrawn from the negotiations and/or the agreements. 2 Ensuring Interoperability of the Israel-Cyprus-Greece interconnection The only concern of the Project Promoter was and remains to ensure the interoperability of the entire system, which can only be achieved by ensuring the compatibility of the Crete-Attica interconnection with the other sections of the project (ie. Crete-Cyprus, Cyprus-Israel) to realise the interconnection of the energy and electrically-isolated Cyprus with the Greek and, by extension, European system. The EuroAsia Interconnector has been designed and approved by the Regulatory Authorities of Cyprus and Greece as a single multiterminal system. It has been confirmed by all the HVDC converter station manufacturers and specialised technical consultants and European operators that it is not possible to ensure the interoperability of the system if it is deployed sectionally (ie. as a multiterminal - multivendor) but only if through a multiterminal single vendor system that is guaranteed through a single procurement process. The insistence of the Greek side to separate the project in order to launch its own separate tender process with separate technical specifications renders the overall connection of the project impossible. The European Commission has proposed a binding Roadmap which provides for the establishment of a technical committee to define the minimum technical specifications for the project and to determine the appropriate way to conduct the tender procedure in order to ensure the interoperability of the project. The Roadmap and the role of the Technical Committee, as proposed by the European Commission, were accepted the Project Promoter and all official bodies in Cyprus. On the contrary, the Greek side rejected the proposal that the Technical Committee should determine the appropriate tender procedure. This rejection of the European Commission’s proposal by the Greek side is the only reason why there has been no progress in recent months with regard to the Crete-Attica interconnection. 3. The Project Promoter The Project Promoter has, since 2013, fully complied with all the obligations arising from European Regulation 347/2013 and the regulatory decision (CBCA), as noted in EU Energy Commissioner Miguel Arias Cañete’s letter in January 2019, that praises the EuroAsia Interconnector. In the context of the assessment and approval of the official Investment Request and publication of the joint regulatory decision of 2017, the Regulatory Authorities of 3 Cyprus and Greece positively assessed and acknowledged the credibility and capability of the Euroasia Interconnector to proceed with the implementation of the electricity interconnection. Technical capacity and feasibility EuroAsia Interconnector, as Project Promoter, has established strategic partnerships with leading European Transmission System Operators and specialised technical consultants with expertise and experience in integrated HVDC submarine interconnector projects, and ensures the smooth and timely implementation of the electricity interconnection as a single multi-terminal system using the highest standards and management systems. The Project Promoter has completed all the required technical and economic studies and preparatory work and has achieved significant progress in procedural work and approvals (Cost-Benefit Analysis, Business Plan, Financing, Licensing, Environmental and Technical Studies, Underwater Bathymetric Surveys, etc.) and has launched an international tender which is in the final stage of awarding construction works. In addition, the Licensing Authorities and the Regulatory Authorities have recognised and approved the stage of maturity of the entire Cyprus-Crete-Attica project with the adoption of the CBCA joint regulatory decision, which states that the project is “sufficiently mature” as required on the basis of European Regulation 347/2013. It is clarified that the Cyprus-Crete section has reached a sufficient stage of maturity and it is confirmed that its construction is completely feasible. The Project Promoter and Transmission System Operators (TSOs) are not project constructors (ie contractors), but act as project promoters / developers designated to assign the project to internationally reputable contractors and manufacturers through transparent procurement procedures. 4 Financial Viability of the Project Promoter As Project Promoter, EuroAsia Interconnector fulfils all the contractual and regulatory obligations assigned to it, assuming the entire financing of the project. In order to secure the financing of the project, the Project Promoter, in addition to its own financial contribution, has already secured the participation of leading financial institutions and jointly undertakes the full financing of the project with own funds and borrowing. Since 2012, EuroAsia Interconnector has financed all the studies, works and required actions from own funds, some of which are also co-financed by the EU, in order for the project to reach its present maturity and be ready to start construction. The Project Promoter has undertaken the full financing and the payment of its own participation as submitted and approved in the official Investment Request. It also ensures access to European funds for the exclusive benefit of the citizens of Greece and Cyprus through the “Connecting Europe Facility” (CEF). In October 2018, the Project Promoter submitted the Financing Request to the CEF (including the Crete-Attica section), which unfortunately has not been signed by the Greek side (despite the signature of the Cypriot Government), citing a unilateral RAE Decision which,
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