EU to fund construction of Israel, Cyprus, Greece electricity cable link

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EU to fund construction of Israel, Cyprus, Greece electricity cable link
Cypriot minister says ‘Eurasia Interconnector,’ which three countries signed off on last year, could push Mediterranean island’s use of renewable energy sources above 50% by 2030
By AP
27 January 2022

NICOSIA, Cyprus — 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, Cypriot Energy Minister Natasa Pilides said Thursday. Pilides said the money — from the EU’s Connecting Europe Facility, which bankrolls infrastructure projects — will enable crews to start constructing the segment of the cable that will connect Cyprus with Crete, whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion). Negotiations to transfer the funds are expected to wrap up this summer.

Pilides said beyond the project’s geopolitical weight, it will ensure Cyprus’ energy security, boost competitiveness in the power supply sector and help the island nation more easily transition to a green economy. With the cable’s completion, it’s expected that more investment will flow into renewable energy sources enhancing the energy mix of Greece, Cyprus and Israel. Pilides said a study shows that the cable in combination with power storage facilities could push Cyprus’ use of renewable energy sources above 50% by 2030. Pilides and her Greek and Israeli counterparts signed an agreement last October to speed up technical work on the cable dubbed the “Eurasia Interconnector.”

more......... https://www.timesofisrael.com/eu-to...-israel-cyprus-greece-electricity-cable-link/
 
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