An important step in the electric interconnection of Crete – Cyprus – Israel (with EuroAsia Interconnector as the implementing body) is the signing of the contract, amounting to 1.43 billion euros, with the multinational Nexans for the cable part of the project that will connect Cyprus with Greece.
According to the announcement by Nexans, the 525 kV Ultra High Voltage and DC cable will be the core part of the world’s largest electrical interconnection and will be placed at a depth of more than 3 km. The EuroAsia Interconnector will initially have a transmission capacity of 1 GW (with the possibility increasing to 2 GW) and will end the electrical isolation of Cyprus, creating a new energy corridor between Europe and Asia. It is expected to be concluded in 2028-2029.
The signing of the contracts includes specific commitments for the consortium, regarding the payment of corresponding amounts to Nexans. This fact, combined with the European Commission’s pressure to avoid any delays (also threatening to remove the 657 million euros of community funding prescribed by the Connecting Europe Facility), are forcing the developments regarding the shareholder composition of the implementing body. More specifically, they are leading to the potential participation of the Cypriot State in the EuroAsia Interconnector.
