Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 9 March 2023, IPTO/ADMIE formally awarded the cable supply and installation contracts for the Cyclades Phase D interconnection to Hellenic Cables (cables segment of Cenergy Holdings), covering the Lavrio-Serifos and Serifos-Milos 150 kV submarine links. Per ADMIE's 2022 Annual Financial Report, cable lines Lavrio-Serifos, Serifos-Milos, Milos-Folegandros and Folegandros-Thira were signed in the first quarter of 2023 — marking the effective Final Investment Decision for the approximately EUR 490 million Phase D programme, co-financed by the EU Recovery and Resilience Fund. As with other TSO-led projects, IPTO does not have a traditional project-finance FID moment; the EPC contract signing commits the capital and functions as the effective financial close for this phase of the Cyclades interconnection.