Greece, Cyprus and Israel signed an agreement in Nicosia on Monday linking the electricity supply of the three countries through a cable to be built, the EuroAsia Interconnector.
The submarine cable will have a carrier capacity of 2,000 MW and total length of nearly 1,200 km. The EU Project of Common Interest will allow the simultaneous transfer of power in either direction.
The signing of the agreement was held at the Presidential Mansion in Nicosia with Cypriot and Israeli Energy Ministers Natasa Pilides and Yuval Steinitz, while Greek Minister Kostas Skrekas participated via teleconference from Athens.
Pilides said the deal boosts cooperation "in supporting the planning, potential development and implementation of the EuroAsia Interconnector, as an additional element of the emerging Eastern Mediterranean Energy Corridor."
Pilides also called the project a "cornerstone" of the countries' efforts to transition to a green economy that will protect the environment while promoting economic growth.
The project's first phase is expected to be operational by 2025.
On his part, Skrekas said the EuroAsia Interconnector will allow the three countries to "take advantage of the great opportunities appearing in the 'green' development sector, while contributing to the protection of the environment."
Israel, Cyprus and Greece are also building The Eastern Mediterranean pipeline.
The 1,900-kilometre EastMed pipeline, which has been in planning for several years, is intended to provide an alternative gas source for energy-hungry Europe, which is largely dependent on supplies from Russia and the Caucasus region.