- The EuroAsia Interconnector will contribute to the EU’s ambitious decarbonisation objectives.
- This project has been awarded a €100 million grant from the EU’s Recovery and Resilience Facility.
The EuroAsia interconnector, a Project of Common Interest (PCI) under the 5th Union List, was launched on Friday. The President of Cyprus, Nicos Anastasiades, the Ministers for Energy of Cyprus, Natasa Pilides and Greece, Kostas Skrekas and the Commissioner for Energy, Kadri Simson, participated in the ceremony held at Nicosia. The first phase of this project under the Connecting Europe Facility (CEF) program has an estimated cost of construction of €1.57 billion and has received a €657 million EU grant. Also, this project has been awarded a €100 million grant from the EU’s Recovery and Resilience Facility.
The launch marks the start of the construction stage of this EU Project of Common Interest. The EuroAsia Interconnector will be the deepest and longest submarine electricity interconnection in the world, consisting of a multi-terminal, high-voltage, direct current scheme to connect the transmission networks of Greece, Cyprus and Israel through a 1000 MW undersea cable connecting the electricity grids of Cyprus and Greece through Crete and a 1,200 km undersea cable from Israel to Crete via Cyprus. The project is expected to be completed by the end of 2026.
This project, supported financially and politically by the EU, will end energy isolation in Cyprus. It will connect all Eu countries to the EU electricity grid and boost electricity interconnectivity, helping integrate renewable energy sources across the region.