“The electricity connection will contribute to lifting the energy isolation of Cyprus and to connecting the national electricity transmission system to the respective European systems. This is a work of strategic importance for Cyprus, Greece, but also the whole EU,” reads a joint statement.
Cyprus hopes to join the European electricity grid by 2028, or at the latest 2030, following an interstate agreement signed with Greece on Saturday.
After months of negotiations and finalised by Cypriot President Nikos Christodoulides during a visit to Athens earlier this week, the deal was signed by the Cypriot and Greek energy ministers over the weekend.
The Cypriot energy lines will connect to Crete and then cross the Mediterranean to mainland Greece and the rest of Europe.
Nicosia and Athens welcomed this progress which will allow the project to “start in the coming days”.
The deal proved difficult to close due to delays and disagreements between the two parties. The points of disagreement included shared final costs, due diligence and cost-benefit considerations.
However, rapid progress has been made in recent weeks to bridge the gap and reach an agreement.
The leaders of Cyprus, France and Greece will meet in New York next week to discuss the plan.
In a statement, a government spokesman said Mr Christodoulides had discussed the power grid project with his French counterpart, President Emmanuel Macron, on the phone, and its importance in implementing the European Union’s energy strategy.
The cable will connect networks in Europe and Cyprus in a project costing 1.9 billion euros and will then extend to Israel.
The European Union will finance it to the tune of 657 million euros.
Once completed, the project’s promoters claim it will be the “longest” high-voltage cable in the world (1,240 km) and the deepest (3,000 m).
The aim of the project will be to contribute to lifting Cyprus’ energy isolation and to promote Greece’s strategic objective of becoming a clean energy transit hub.
