The Cypriot Recovery and Resilience Plan provides a tangible contribution of EUR 100 million to building a cross-border electricity interconnector with a total length of 1,208 km between Crete, Cyprus and Israel. This large investment will receive funding also from other sources, such as the Connecting Europe Facility, commercial loans and equity, and a loan from the European Investment Bank. The project aims to ensure security of supply and more competitive wholesale electricity prices in Cyprus. It should also enable the increased use of electricity from cleaner sources, in particular renewables, by connecting the electricity network of Cyprus to the EU continental system. On 14 October 2022, the inauguration event of the EuroAsia Electricity Interconnector project took place. The project should be completed by the end of December 2025.
More information on the project could be found on the project’s website and here.
- Reference
- C2.1.I11
- Project locations
- Cyprus
- EU contribution
- €100 000 000
- Project website
- https://euroasia-interconnector.com/