Cyclades Interconnection Phase C : Reinforcement of Syros
19 October 2018
Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 19 October 2018, ADMIE (IPTO) HOLDING S.A. published a Regulated Information disclosure under Law 3556/2007 and EU Market Abuse Regulation 596/2014 announcing that its subsidiary IPTO S.A. had selected NEXANS as the successful tenderer for Phase C of the Cyclades Interconnection — the second 150 kV HVAC submarine link between Lavrion (Attica) and Syros. The disclosure represents the formal investment commitment by the IPTO Board, following an open international electronic auction in which Fulgor S.A., Prysmian Powerlink and Nexans participated. Nexans's winning bid of €111.6 million incorporated a significant discount versus the auction starting price. The announcement confirmed that the project would be co-funded by the Operational Programme "Competitiveness, Entrepreneurship and Innovation" under the NSRF 2014-2020 from European and national resources, and would be completed in 2020 — accelerated by two years versus the original 2022 plan. For this regulated TSO asset, the publication of the tender outcome as Regulated Information functions as the equivalent of Final Investment Decision: it commits IPTO's capital programme to the Lavrio-Syros II reinforcement and triggers contract conclusion which followed in November 2018.