Cycladic Interconnection Phase C – Selection of NEXANS as successful tenderer
The company “ADMIE (IPTO) HOLDING S.A.” (or “Company”), informs the investors that its affiliate IPTO S.A. announced that Phase C of Cycladic Interconnection is under implementation, after selecting NEXANS as the tenderer for the laying of a second submarine cable between Lavrion and Syros.
FULGOR SA, Prysmian Powerlink and NEXANS participated in the open international tender launched by IPTO SA. All these companies are highly experienced in cable interconnections. The process leading to the selection of the successful bidder has functioned on the base of electronic auctioning, that led to significant financial benefits within a sound context of competition among the candidate companies. NEXANS was the successful bidder for a total consideration of € 111.6 million, incorporating a significant discount compared to the auction starting price.
The Phase C of the Interconnection will fully ensure the supply of a large part of the Cyclades for the next decades and will terminate the dependence of the islands from the autonomous power plants. The project is co-funded by the Operational Programme “Competitiveness, Entrepreneurship and Innovation” under the NSRF 2014-2020 from European and national resources. It is scheduled to be completed in 2020, being accelerated by two years in comparison to the initial planning that foresaw its completion in 2022.
Following the contractualisation of the Phase B of Cycladic Interconnection and the selection of the tenderers for the construction of substations and submarine cables of the Crete – Peloponnese Interconnection, state controlled IPTO SA, completes another major tender process, having launched investments of more than half billion euro’s over a period of 16 months. The Operator implements consistently and efficiently the island interconnections that are at the heart of its investment programme, releasing major socio-economic and environmental benefits.
This announcement is issued as a Regulated Information, in accordance with Law 3556/2007 as in force and Regulation No 596/2014 of the European Parliament and of the Council on market abuse.
Athens, October 19th, 2018