![]() Pilides and her Greek and Israeli counterparts signed an agreement last October to speed up technical work on the cable dubbed the “Eurasia Interconnector. The EuroAfrica Interconnector comprises the electricity interconnection between the grids of Egypt, Cyprus and Greece (Europe) through a subsea DC cable and. Pilides said a study shows that the cable in combination with power storage facilities could push Cyprus’ use of renewable energy sources above 50% by 2030. With the cable’s completion, it’s expected that more investment will flow into renewable energy sources enhancing the energy mix of Greece, Cyprus and Israel. Pilides said beyond the project’s geopolitical weight, it will ensure Cyprus’ energy security, boost competitiveness in the power supply sector and help the island nation more easily transition to a green economy. Negotiations to transfer the funds are expected to wrap up this summer. ![]() The project aims to link the Greek, Cypriot and Israeli power grids via the world’s longest underwater energy cable. Israel, Cyprus and Greece agree to link power grids via subsea cable Calling the project a 2,000 mega-watt highway, Pilides said the first stage is expected to be operational within 2025. Pilides said the money enables crews to start constructing the segment of the cable that will connect Cyprus with Crete whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion). Work on EuroAsia Interconnector’s new Cyprus-Crete segment will begin this Friday, October 14. Pilides told reporters the funding is Cyprus’ largest-ever investment as well as the lion’s share of the total sum that the EU’s Connecting Europe Facility, which bankrolls infrastructure projects, has allocated to a single project this year. NICOSIA, Cyprus (AP) - The European Union has earmarked 657 million euros ($736 million) for the construction of a a 2,000-megawatt undersea electricity cable that will link the power grids of Israel, Cyprus and Greece, Cypriot Energy Minister Natasa Pilides said Thursday. Please look at the time stamp on the story to see when it was last updated. This is an archived article and the information in the article may be outdated.
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