25 Jun 2026
€1.15B grid interconnection project awarded to Cenergy Holdings
- RE+D Magazine
Cenergy Holdings has significantly strengthened its backlog of projects, as Hellenic Cables, the Group’s cable division, through its wholly owned subsidiary Fulgor S.A., has been selected as the contractor under the framework agreement with IPTO (Independent Power Transmission Operator) for Lot A of the electrical interconnections of the Dodecanese and North Aegean islands.
The total value of the agreement amounts to approximately €1.15 billion and concerns one of the largest energy infrastructure projects planned in Greece in the coming years.
Under the agreement, Hellenic Cables will undertake the engineering, procurement, construction, and installation (EPCI) of four electricity interconnections:
- Thrace – Lemnos
- Kos – Rhodes
- Lesvos – Lemnos
- Lesvos – Chios
The project includes approximately 694 kilometres of 150kV alternating current (AC) submarine cables and 227 kilometres of 150kV underground cables. Cable production is expected to begin in 2027, while project completion is scheduled through 2031.
A Critical Project for Energy Security
The award is part of the strategic programme of IPTO (Independent Power Transmission Operator) aimed at interconnecting Greece’s islands with the National Electricity Transmission System, with the objective of strengthening the reliability and resilience of the energy system.
The electrical interconnection of the Dodecanese and North Aegean islands is expected to eliminate the energy isolation of island grids, improve supply security, and facilitate the further integration of renewable energy sources into the national grid.
At the same time, the project will contribute to a more efficient balancing of electricity supply and demand across the country.
Production in Corinth and Thebes
The submarine cables will be manufactured at Hellenic Cables’ facilities in Corinth, while the underground cables will be produced at the company’s plant in Thebes.
The company notes that recent investments in both production units have significantly increased their capacity, enabling the execution of large-scale projects both in Greece and internationally.
The signing of the framework agreement remains subject to the completion of the required regulatory approvals and procedures, while project execution will proceed following the issuance of relevant notices to commence work by IPTO.
Alexiou: A Vote of Confidence in Hellenic Cables’ Capabilities
Cenergy Holdings CEO Alexis Alexiou described the project as a strong vote of confidence from IPTO in Hellenic Cables’ ability to deliver complex and strategically important power transmission projects.
He noted that the interconnection of Greece’s islands is a key pillar of the country’s energy strategy, enhancing energy security and grid resilience, while also highlighting the Group’s technological expertise and production capabilities on an international scale.
The new contract further strengthens Cenergy Holdings’ project backlog and confirms Hellenic Cables’ position as one of the key players in the European submarine and onshore cable interconnection market.