Cyprus, Greece, Israel to finalise MoU for EuroAsia Interconnector

A teleconference will take place between Cyprus, Greece and Israel aiming to finalise the Memorandum of Understanding that the three countries will sign regarding the electricity interconnection EuroAsia Interconnector.

According to Cyprus News Agency (CNA) sources, the teleconference will take place on February 17. The EuroAsia Interconnector between Israel-Cyprus and Cyprus-Crete is expected to receive funding from the EU.

The European Commission is expected to begin receiving applications from member states in April to fund projects of common interest. The aim of the MoU is for the countries to show their political will towards the project.

Energy Minister Natasa Pilides, told CNA that the project was of great importance for more renewable energy sources and for the export potential of electricity created and could increase interest in renewable energy sources in Cyprus.

It was also important for the energy security of the country, which is the only EU member states that is energy isolated.

“There are many actions underway and contacts with the EU, Israel and Greece in order to begin  its implementation,” she underlined.

According to its website, the EuroAsia Interconnector comprises the electricity interconnection between the grids of Israel, Cyprus, Greece through a subsea DC cable and with HVDC onshore converter stations at each connection point, with a total capacity of 2000MW. The project is an energy highway bridging Asia and Europe, with a total length of 1,208 km. It creates a reliable alternative route for the transfer of electric energy to and from Europe.

Meanwhile, preparations are made for the signing of a similar MoU between Greece, Cyprus and Egypt for the EuroAfrica Interconnector project for electricity interconnection of the three countries especially the part of the project between Cyprus and Egypt.

CNA has learnt that the sides have submitted their comments on the content of the memorandum and amendments were made accordingly and in the coming days teleconferences will be organised to finalise the MoU so as to proceed with the signing.