The EuroAsia Interconnector, a monumental project connecting the national electricity grids of Israel, Cyprus, and Greece (Crete) with Europe, is expected to yield tremendous and continuous benefits, according to an official press release from the implementing company.

One of the most significant advantages of this project is that it will put an end to Cyprus's energy isolation, making it the final non-interconnected member state of the European Union to achieve integration. This move towards integration is expected to result in substantial reductions in electricity costs and consumer bills, providing much-needed relief to households and businesses and enhancing the competitiveness of the Cyprus economy.

Moreover, the interconnection will enable Cyprus to achieve reliable and environmentally friendly electrification through increased use of renewable energy sources (RES), while also becoming part of Europe's electricity transmission network. By 2029, Cyprus is projected to achieve full energy security as an integral member of the European energy network, marking a significant milestone for the nation.

The Israel-Cyprus-Greece electricity interconnection is particularly noteworthy as it will become the world's first electricity highway between Europe and Asia, covering a staggering distance of 890 kilometers and reaching depths of up to 3,000 meters. This makes it the most extensive and deepest HVDC interconnector globally.

The press release also emphasizes the positive environmental impact of the EuroAsia Interconnector. With a continuous two-way flow of energy, the project will facilitate the development of renewable energy sources and contribute to a substantial reduction in CO2 emissions. Cyprus will enhance its position on the south-eastern European energy map and in the eastern Mediterranean, solidifying its status as a green energy and developmental society, and opening doors to further utilization of solar energy.

The EuroAsia Interconnector, a 2,000MW multi-terminal interconnection, plays a crucial role in interconnecting Israel, Cyprus, and Greece (Crete) with Europe. Furthermore, the EuroAsia Interconnector has been recognized as a leading European Project of Common Interest (PCI), included in all five Union lists of PCIs since 2013. It has been labeled as an EU "electricity highway," a key component of interconnecting Europe with Asia. The recent approval of the CEF Grant of €658 million by the European financing mechanism "Connecting Europe Facility" and an additional €100 million from the Recovery and Resilience Fund have enabled the EuroAsia Interconnector to proceed to the construction phase. This marks a significant step forward in making this ambitious project a reality, promising a brighter and interconnected future for all parties involved.