The Israel-Cyprus-Greece electricity interconnection consolidates Greece’s strategic cooperation with the two countries and is an important step in enhancing security and prosperity in the wider region, Environment and Energy Minister Kostas Skrekas said on Friday, after the European Commission approved the funding of the EuroAsia Interconnector project.
According to the decision, the EU will allocate 657 million euros to support the interconnection between Cyprus and the European network, while another 100 million euros will be given under the recovery and resilience mechanism.
“The decision of the European Commission to finance the electricity interconnection Greece – Cyprus – Israel with 657 million euros is of historic importance,” Skrekas said and added:
“It is a clear vote of confidence by Europe in this strategically important project, which will connect the electricity transmission system of Cyprus with Europe and take it out of energy isolation. It is also the first step in the implementation of this project of special geopolitical importance, ensuring to a large extent its uninterrupted financing. Since October 2019, the government has consistently supported the maturation process of this project at the EU, signing the trilateral agreement to promote the interconnection with Cyprus and Israel in March 2021 in Nicosia. The benefits for Greece and Cyprus from this investment will be particularly significant. Energy security and supply adequacy will be upgraded, turning the two countries into energy hubs in the Eastern Mediterranean and Southeastern Europe. It will also contribute to the further integration of Renewable Energy Sources in the electricity transmission network and to tackling the climate crisis, by achieving our goals under the European Green Agreement. With this project, we further consolidate our strategic cooperation with Cyprus and Israel and take an important step for enhancing security and prosperity in the wider region.”