Cyprus, Israel, and Greece on Monday will sign a trilateral agreement on the ambitious EuroAsia Interconnector electricity cable which is expected to cost some €2.5 billion.
Monday’s signing in Nicosia of the Memorandum of Understanding is the final step before the construction of the Interconnector which is to receive EU funding as well.
The signing takes place between Energy Minister Natasa Pilides and her Israeli counterpart Yuval Steinitz who flew in to Cyprus early on Monday.
Greece’s Energy Minister Costas Skrekas will join in by videoconference.
The MoU incorporates Israel as a stakeholder in the entire process, said Pilides who has also described the project as of great importance for more renewable energy sources.
It was also important for the energy security of the country, which is the only EU member states that is energy isolated, she added.
The EuroAsia Interconnector comprises the electricity interconnection between the grids of Israel, Cyprus, Greece through a subsea DC cable.
As well as with HVDC onshore converter stations at each connection point, with a total capacity of 2000MW.
The project is an energy highway bridging Asia and Europe, with a total length of 1,208 km.
It creates a reliable alternative route for the transfer of electric energy to and from Europe, its website also notes.