A contract for the study of an AC/DC converter station on Cyprus, as part of the Great Sea Interconnector linking the grids of Israel, the east Mediterranean island republic and mainland Greece, was reportedly signed for 20 million euros this week.

According to Ot.gr, the contract will be signed immediately with German multinational Siemens, with the latter also expected to assume the construction phase of the converter station by the end of the year.

A tender for the station was previously declared by the former special vehicle company created to construct another design, the EuroAsia interconnector.

The purported development comes as talks are ongoing with the EIB over the massive project’s financing, led by Greece’s Independent Power Transmission Operator (IPTO).

Siemen, in a cooperation with ATHEX-listed Gek Terna, has already assumed the contract to construct two converter stations for the Attica-Crete.

Another related development is the interest shown by French cable-maker Nexans, with Ot.gr reporting that company executives will arrive for a meeting with IPTO’s management in the coming period.