The Council of the European Union has approved the allocation of a €100 million grant for the EuroAsia Interconnector electricity interconnector.
The announcement comes as part of the Recovery and Resilience Plan for Cyprus to end the energy isolation as it is the last non-interconnected EU member state.
On 17 May, Cyprus submitted its national RRP with a cost of €1.206 billion to the European Commission.
The Cyprus Recovery Plan devotes 41% of the total allocation to measures that support climate objectives. The EuroAsia Interconnector is expected to aid electricity generation from cleaner sources, renewables in particular.
“The EuroAsia Interconnector electricity interconnection ends the energy isolation of Cyprus, the last non-interconnected EU member state, ensures security of supply, more competitive wholesale electricity prices and enables the increased use of electricity from cleaner sources, in particular renewables, by connecting the electricity network of Cyprus to the Union continental system,” said European Commission president Ursula von der Leyen .
The EuroAsia Interconnector is a multi-terminal VSC-HVDC scheme that will connect Israel, Cyprus and Greece (Crete), and will comprise converter stations with sea electrodes, interconnected by cables.
The first phase of the 2,000MW interconnector is expected to be operational within 2025.
The project has secured all the relevant permits and licensing, including binding offers from Siemens and high voltage cable manufacturers Nexans and Prysmian, and is proceeding with the start of construction works.