reading time: 2 min.

Cost of "Euroasia Interconnector" project revealed

Cost of "Euroasia Interconnector" project revealed

The estimated cost of the "Euroasia Interconnector" project, which aims to connect the electricity generation of South Cyprus, Greece, and Israel through underwater cables, has been disclosed.

Publish Date: 24/05/23 15:00
reading time: 2 min.
Cost of "Euroasia Interconnector" project revealed
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According to Politis newspaper, Energy Minister Yorgos Papanastasiu stated in a response letter to Member of Parliament Haralambos Theopemptu that the cost of the "Euroasia Interconnector" project would amount to 2.57 billion euros.

Papanastasiu reportedly mentioned that out of the total cost, 1.57 billion euros would be allocated to the connection between South Cyprus and Crete, while the remaining amount would be associated with the link between South Cyprus and Israel.

Furthermore, Papanastasiu provided information on past financial developments related to the project. He stated that regulatory authorities in South Cyprus and Greece had reached an agreement regarding the funding, where 50% of the total construction cost would be covered by sponsors, and the remaining 50% would be shared between Greece and South Cyprus in a 63% and 37% ratio, respectively.

According to the report, the "Euroasia Interconnector" project will have a capacity of one gigawatt.

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