Israel, Cyprus, Greece secure $736 million in EU funding for power cable link

·

The European Union has earmarked 657 million euros ($736 million) for the construction of a 2,000-megawatt undersea electricity cable that will link the power grids of Israel, Cyprus and Greece.

The news was announced by Cypriot Energy Minister, Natasa Pilides, on Thursday.

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.

READ MORE: Greece, Israel, Cyprus sign deal to link electricity in world’s longest undersea power cable.

Cypriot Energy Minister, Natasa Pilides, talks to the media during a press conference at the Energy ministry in Nicosia, Cyprus, Thursday, January 27, 2022. Photo: AP Photo/Petros Karadjias.

According to AP News, Pilides said the money enables crews to start constructing the segment of the cable that will connect Cyprus with the Greek island of Crete, whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion).

The President of Cyprus, Nicos Anastasiades, issued a statement on Twitter after the announcement and said that the grant approval was a “landmark decision” by the EU as the cable project will end Cyprus’ energy isolation and connect the Eastern Mediterranean with Europe.

READ MORE: Turkey slams Mediterranean undersea cable deal between Greece, Cyprus and Israel.

“A project that ensures the energy efficiency of our country and opens the way to the European market, while strengthening our goals for the transition to a green economy,” Anastasiades said.

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 agreement aimed to expedite permits and approvals for feasibility studies and to help the three countries’ national electricity co-ordinators co-operate on how best to move forward.

The cable’s first phase is expected to be completed by 2025.

READ MORE: Israel and Greece officially sign record $1.65 billion defence deal.

Source: AP News.

greek film festival melbourne

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Greek film festival turns 30 with a Stellar Line-Up of Award-Winning films

The Greek Film Festival is celebrating a major anniversary this year - 30 years of bringing Greek stories to Australian screens.

Summer School for Greek Language teachers in Australia

For the first time in Australia, a specialized online summer school will be held for teachers of the Greek language in the diaspora.

Children’s week at the Greek Community of Melbourne

As part of Children’s Week the Greek Community of Melbourne Schools are taking part in the celebrations organised by the Victorian Government

Get Online Week at the Greek Community of Melbourne

As part of Get Online Week 2025, the Greek Community of Melbourne and Victoria will proudly join Good Things Foundation’s national campaign.

St Benedict School in Mt Torrens rejects screens, embraces ancient Greek philosophy

Established in early 2024 by members of the Catholic Church of the Holy Name, St Benedict has grown to around 50 students.

You May Also Like

The Hellenic Initiative joins the Athens Partnership’s anti-graffiti campaign

The Hellenic Initiative (THI) is donating kick-off capital and launching a global fundraising effort to boost AP’s anti-graffiti campaign, in the picturesque historic Plaka District.

Acropolis closes as Greece endures scorching heat and fire risk

Greek authorities temporarily closed the Acropolis on Tuesday, due to soaring temperatures, as parts of the country endure extreme heat.

‘The Sacred Tree’: New collaborative olive tasting event to be held in Sydney

The Greek Festival of Sydney presents a special event dedicated to the "Sacred Tree: Olive" followed by tasting and sampling on May 16.