The EuroAsia Interconnector submarine power cable will link the countries' grids and provide Israel with a reliable way to export natural gas in the form of electric power.
It will be the world’s longest and deepest underwater power cable, crossing the Mediterranean seabed and bridging Asia and Europe.
The EuroAsia Interconnector nicknamed the “energy highway,” will connect the national electricity grids of Israel, Cyprus and Greece.
Over a decade in the planning, construction on the mammoth, €2.5 billion ($2.63 billion) first phase will get underway, Israeli and Cypriot officials said this week, with 50% of the total cost secured.
The first stage, which has received a €657 million ($736 million) European Union grant, will run 558 miles (898 km.) and link the electricity grids of Greece and Cyprus via the Greek island of Crete.
The second stage will be 190 miles (310 km.) long and connect Kofinou in Cyprus and Hadera in Israel. The project is slated to be completed within five years.
It will end Cyprus’s status as the only non-interconnected European Union member state and provide Israel with a reliable way to export natural gas in the form of electricity.