Cyprus, Israel and Greece on Monday signed a memorandum of understanding on cooperation in relation to the EuroAsia Interconnector project.
The EuroAsia Interconnector is a multi-terminal VSC-HVDC scheme which will connect Israel, Cyprus and Greece (Crete), and will comprise converter stations with sea electrodes, interconnected by cables.
The first phase of the 2,000 MW electricity highway is expected to be operational within 2025.
Phase one will allow the transfer of 1000MW between converter stations and the envisaged voltage level will be ±500 kV.
Project promoter of EuroAsia Interconnector recently invited cabling players to apply for engineering, procurement, construction and installation (EPCI) job on the HVDC cable system between Israel, Cyprus and Greece (Crete).
The three countries signing today’s MoU, have come to the common understanding that they need to cooperate in facilitating the timely granting of permits and approvals needed for carrying out feasibility studies, as well as the discussions and coordination between national electricity regulatory authorities and Transmission System Operators.
Moreover, the deal should ensure adherence to appropriate environmental standards during all stages of the project’s implementation, endeavour to harmonise technical standards and examine the ways and means of ensuring the safety, security, sustainability, resilience and reliability of the electricity interconnector cable.
Cyprus Minister of Energy, Commerce and Industry, Natasa Pilides, said:
“Τhis event marks another important milestone in the joint efforts of our three countries to promote regional cooperation in the field of energy. Indicating the strong bonds between our people and building on the work done by our governments over the past few years, especially during the trilateral summits of our Heads of State, the MoU that we sign today enhances further the cooperation between Cyprus, Israel and Greece in supporting the planning, potential development and implementation of the EuroAsia Interconnector, as an additional element of the emerging Eastern Mediterranean Energy Corridor.
“The Project is a cornerstone of our efforts to transition to a green economy and to fully align economic growth with environmental protection. Once constructed, it will facilitate the integration of additional Renewable Energy Sources (RES) in our energy supply mixes and, thus, enhance our ability to meet our respective commitments under the Paris Agreement on Climate Change.”