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.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Giannis Antetokounmpo in talks to buy the Sydney Kings

NBA superstar Giannis Antetokounmpo is in talks to buy a stake in the Sydney Kings — with plans to rename the team the ‘Spartan Kings.’

Paros submerged, Syros pelted by hail as storms sweep the Cyclades

Severe weather swept across several Cycladic islands on Monday, March 31 with Paros and Syros among the hardest hit.

Sydney remembers Cyprus’ fight for freedom ahead of National Day anniversary

Cypriot and Greek Australians gathered in solemn remembrance on Sunday, 30 March, for a memorial service marking Cyprus National Day.

Greek Orthodox Community of SA celebrates 204th year of Greek Independence

The Greek Orthodox Community of South Australia commemorated Greek Independence Day with joyous festivities on Sunday, 30 March.

From alleyway to legacy: Coburg’s Kastoria Lane project gains momentum

Merri-bek City Council has greenlit public consultation for the naming of Kastoria Lane, a project set to transform a neglected alleyway.

You May Also Like

New committee elected to lead Victoria’s Greek National Day Council

A new executive committee to lead Victoria's Greek National Day Council was elected at a meeting on Monday, May 13.

Ioannis Kapodistrias: Well-known Greek politician and diplomat

Ioannis Kapodistrias is a well-known Greek politician and diplomat. To mark the occasion of his birth, we take a look at his achievements.

Eight-year-old Greek piano prodigy lights up Temple of Olympian Zeus

Eight-year-old Greek piano prodigy Stelios Kerasidis has dazzled guests once again, this time in front of Athenians at Temple of Olympian Zeus.