Cyprus, Greece and Israel on Monday signed the first agreement to build the world’s longest and deepest underwater power cable that will cross the Mediterranean seabed at a cost of around $ 900 million and its connection their electric grids.
The project, called the Euro-Asia interconnection, will provide a backup power source in times of crisis, Energy Minister Yuval Steinitz, who was in Nicosia to sign a memorandum of understanding with his co. -aoisean.
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Cypriot, Israeli and Greek power ministers sign agreement on ‘EuroAsia Interconnector’ project at Presidential Palace in Nicosia, Cyprus
(Photo: Reuters)
Cyprus Energy Minister Natasa Pilides said it marked “a decisive step towards ending the island’s energy isolation and, as a result, our dependence on heavy fuels.”
The cable will have a capacity of 1,000-2,000 megawatts (MW) and is expected to be completed by 2024, according to the Israeli energy ministry.
With a length of about 1,500 km and a maximum depth of 2,700 meters, it is the longest and deepest submarine power cable ever built, he said.
Steinitz said the cable “will allow us to get electricity support from mainland Europe’s power grids in times of crisis and more importantly will support our ability to rely heavily on solar power generation.”
The ministry said the European Union had recognized the cable as a “Project of Common Interest” and was willing to part fund it.