Valuable EuroAsia interconnector for regional security
The EuroAfrica Interconnector and the EuroAsia Interconnector are vital projects and prepare the region for the clean energy transition. [Reuters]
The Israel-Cyprus-Greece electricity interconnector will consolidate Greece’s strategic cooperation with the two countries and is an important step in enhancing security and prosperity in the entire region, the Minister of Energy said on Friday. ‘Environment and Energy, Kostas Skrekas, after the European Commission approved funding for the EuroAsia interconnection project.
According to the decision, the EU will allocate €657 million to support the interconnection between Cyprus and the European grid, while an additional €100 million will be provided under the Recovery and Resilience Facility.
“The European Commission’s decision to finance the Greece-Cyprus-Israel electricity interconnector with 657 million euros is of historic significance,” Skrekas said, and added: “It is a clear vote of confidence from Europe in this strategically important project, which will connect the electricity transmission system of Cyprus to Europe and bring it out of its energy isolation. It is also the first step in the implementation of this project of a particular geopolitical importance, ensuring to a large extent its uninterrupted financing.
“With this project, we are further consolidating our strategic cooperation with Cyprus and Israel and taking an important step towards enhancing security and prosperity in the wider region,” he noted.