Nicosia, October 15 (SocialNews.XYZ) The construction of an electrical link between Asia and Europe was launched at an event in Cyprus.
European Commissioner for Energy Kadri Simson and Cypriot President Nicos Anastasiades attended the event in Nicosia, which marked the start of the €2.5 billion ($2.4 billion) project.
The EuroAsia Interconnector will connect the power grids of Israel, Cyprus and Greece, and will also transfer electricity from renewable sources in Israel to Europe, the Xinhua news agency reported.
The project, with estimated construction costs of €1.57 billion for the first phase, has received a €657 million EU grant under the Connecting Europe Facility (CEF) and has also received a €100 million euros from the EU Recovery and Resilience Mechanism. according to a statement issued by the European Commission on Friday.
The project is expected to be completed by the end of 2026, according to the statement.
A second interconnector between Egypt and Europe via Cyprus is also planned in the future.
The EuroAia Interconnector project involves the laying of around 1,200 kilometers of submarine cable with a capacity of 2,000 megawatts, from Israel to Cyprus and the Greek island of Crete.
Electricity from renewable sources in Israel, and later from Egypt, could be transferred to other EU countries through the Greek grid. (1 euro= 0.97 dollars)