The ministers of energy of Cyprus, Greece, and Israel have signed a memorandum of understanding (MoU) on the construction of the EuroAsia Interconnector.

Natasa Pilides, Kostas Skrekas, and Yuval Steinitz have agreed to work on a 1,500-kilometer undersea cable with an installed capacity of 1GW to 2 GW.

The idea for the longest and deepest power cable in the world, which should connect the power grids of Israel, Cyprus and Greece, is not new. According to earlier announcements, the construction was expected to be finished in 2022.

The longest and deepest power cable in the world will connect the power grids of Israel, Cyprus and Greece

The EuroAsia interconnector will be laid in three sections in the Mediterranean: about 310 kilometers is supposed to be installed between Israel and Cyprus, 900 kilometers more will run from Cyprus and Crete, and about 310 kilometers will be between Crete and mainland Greece.

The cable will be laid at a maximum depth of about 2,700 meters and it is expected to be completed by 2024, according to a press release by Israel’s Ministry of Energy.

The cost of the project is estimated at EUR 760 million

The cost of the project is estimated at EUR 760 million (NIS 3 billion). The European Union, has recognized it as a project of common interest (PCI) and is willing to fund parts of it, the ministry said.

According to the joint statement, the three ministries view the EuroAsia Interconnector as a major step forward for providing the necessary synergies that will facilitate the integration of additional renewable energy sources, thereby enhancing the ability of the three countries to meet their commitments under the Paris Agreement on climate change.

Pilides: Undersea cable to end Cyprus energy isolation

Minister of Energy of Cyprus Natasa Pilides said the submarine cable is a cornerstone of three countries’ efforts to transition to a green economy.

“For Cyprus in particular, the EuroAsia Interconnector will constitute a decisive step towards ending the island’s energy isolation and, consequently, our dependence on heavy fuels. This isolation has been also a major hindrance to our economy’s overall competitiveness,” she added.

The submarine cable will support Israel’s ability to increase reliance on solar power generation

According to Israeli Minister of Energy Yuval Steinitz, the Euro-Asia Interconnector will allow the country to receive electricity from European power grids in times of emergency.

“More importantly, it will also support our ability to significantly increase reliance on solar power generation, and help the country meet the government’s 2030 solar energy targets”, he said.