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European Commission approves €100 million funding for EuroAsia Interconnector

The Council of the European Union has approved the allocation of a €100 million grant to the “EuroAsia Interconnector” electricity interconnector. It forms part of the Recovery and Resilience Plan (RRP) for Cyprus to end the energy isolation of Cyprus, the last non-interconnected EU member state.

The 2000 MW project, a European Union Project of Common Interest, aims connect Cyprus, Crete and Attica in Greece, and Israel with the rest of Europe. It is expected to ensure security of supply, while creating an alternative electricity corridor to connect the East Mediterranean to Europe. The developers behind the EuroAsia Interconnector are committed to commissioning the first phase by the end of 2025.

“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,” according to the European Commission.

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The developers behind the EuroAsia Interconnector aim to commission the first phase by the end of 2025. It has secured all the relevant permits and licensing, as well as binding offers from Siemens, Nexans and Prysmian.

EuroAsia has been named a Projects of Common Interest (PCI3.10), which provides access to public funds. Projects of Common Interest (PCIs) are key infrastructure projects, especially cross-border projects, that link the energy systems of EU countries.

Source: 4COffshore

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