Cyprus, Greece and Israel on Wednesday will try to finalise the Memorandum of Understanding the three countries will sign regarding the ambitious electricity EuroAsia Interconnector.
This is what CNA reported, citing Energy Minister Natasa Pilides who also said that the MoU’s final details will be agreed during a scheduled teleconference.
The EuroAsia Interconnector between Israel-Cyprus and Cyprus-Crete is expected to receive funding from the EU.
The European Commission is expected to begin receiving applications from member states in April to fund projects of common interest, she also said.
The aim of the MoU is for the countries to show their political will towards the project she added.
There are many actions underway and contacts with the EU, Israel and Greece in order to begin its implementation, according to the Minister.
The EuroAsia Interconnector is a leading EU infrastructure project that aims to connect the national electricity grids of Israel, Cyprus and Greece through a 1,208 km subsea HVDC cable.
It would allow the bi-directional transmission of electricity between Israel, Cyprus, Greece and wider Europe, enabling each party to be either an exporter or an importer of electricity.
At the same time, Cyprus is now one step close to lifting its energy isolation.