Israel’s Energy Minister Yuval Steinitz will be in Cyprus on Monday to sign a memorandum of understanding between Cyprus, Greece and Israel for EuroAsia Interconnector – an electricity interconnection project.
And this is an important step towards the lifting of Cyprus’ energy isolation, Energy Minister Natasa Pilides told CNA on Saturday.
“The memorandum of cooperation is an important step to move this project much faster and put an end to the energy isolation of Cyprus,” said Pilides.
“Cyprus is the last EU member state that is isolated in terms of energy and with this project it achieves not only the energy interconnection with other countries – something that will increase and strengthen the energy security of Cyprus – but will also help the country to develop more renewable energy sources,” she added.
She also said that a lot of work is being done, in order to apply by April for funding from the Connecting Europe Facility fund. She added that on the part of Cyprus, the licensing process has been completed and therefore after the securing of EU funding, the construction of the project could start.
The project is expected to be completed by 2025.