EC signs grant agreement for EuroAsia Interconnector Project study

The European Commission's (EC) Innovation and Networks Executive Agency (INEA) has signed a grant agreement worth EUR14.5 million for funding the final detailed studies for the 500 kV EuroAsia Interconnector Project being developed by EuroAsia Interconnector Limited (EIL), a subsidiary of Cyprus-based Quantum Energy Limited. The study project, worth EUR29 million, has been selected for funding under the second 2016 Connecting Europe Facility (CEF) energy call for proposals as it is listed in the European Union’s (EU) list of Projects of Common Interest (PCI).

The funded project entails undertaking final pre-construction studies before project implementation can begin. The study will help finalise the interconnector's design and procure the associated works contracts. The preliminary technical and environmental studies for the project were completed in 2016. This latest phase is expected to be completed in 2020 and pave the way for the completion of the first 1,000 MW interconnection between Israel, Cyprus and Greece planned for 2022.

The EuroAsia Interconnector will create an energy bridge between Europe and Asia and is expected to end the energy isolation of both Cyprus and Crete, Greece. The 1,520-km-long interconnector will provide a reliable alternative corridor for transferring electricity between the two continents. Stage 1 of the EuroAsia interconnector consists of a 500 kV submarine cable with a capacity of 1,000 MW and eight high voltage direct current (HVDC) onshore stations.

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