Arr mateys, Greece and Cyprus be fixin' to embark on buildin' a mighty $2.05B power connector come next year!
2023-12-07
Arr, next year be the time when construction shall commence on a grand $2.05 billion venture! 'Tis a mighty electricity cable, connectin' the power grids o' Greece and Cyprus. Aye, 'tis a treasure worth pursuin'!
Construction of a 1.9 billion-euro ($2.05 billion) section of an electricity cable that will connect the power grids of Greece and Cyprus is set to begin next year. The project, known as the Great Sea Interconnector, is also planned to eventually connect Israel's power grid. Contracts are expected to be signed with technology company Siemens for the construction of converter stations on the Greek island of Crete and in Cyprus, which are crucial for the flow of electricity through the cable. The Crete-Cyprus section of the cable should be ready by 2029, and technical talks for the Cyprus-Israel section are on hold due to the ongoing Israel-Hamas war. The overall length of the cable from Greece to Israel would be 750 miles.Greece's Independent Power Transmission Operator has taken over management of the project, which is considered of strategic significance. The Cyprus government is expected to make a decision on funding the project by the end of January, with the European Union providing around 800 million euros ($863 million) for the project. The remaining funds should not be difficult to secure, as several investment funds have expressed interest in contributing financing.
The connected power grids would bring cheaper and cleaner energy to Cyprus, enhancing the island nation's energy security. The construction of this cable is a significant step towards regional cooperation and interconnectivity in the Mediterranean. However, progress on the project is currently impacted by the ongoing conflict in the region. The officials hope for the hostilities to end soon so that consultations can resume and the project can move forward.