According to officials, the construction of a 1.9 billion-euro ($2.05 billion) section of an electricity cable linking the power grids of Greece and Cyprus is set to commence in the new year.
The Great Sea Interconnector will eventually extend to connect Israel's power grid as well. Greece's Independent Power Transmission Operator, under the leadership of Manousos Manousakis, plans to sign contracts with Siemens next year for the construction of converter stations on the Greek island of Crete and in Cyprus.
The Crete-Cyprus section of the cable is expected to be completed by 2029. Talks on the Cyprus-Israel section are on hold due to the Israel-Hamas conflict. The overall 1,208-kilometer (750 miles) cable from Greece to Israel has a capacity of 2000MW.
The Cyprus government is anticipated to decide on a 100 million-euro capital investment ($108 million) for the project by the end of January, aiming to enhance energy affordability, cleanliness, and security for the island nation. The European Union has allocated around 800 million euros ($863 million) for the project, and additional funding is expected from various investment funds.
