The Cyprus Energy Regulatory Authority has approved the €200 million funding allocation for the EuroAsia Interconnector project, marking a critical milestone for the 1,300 MW submarine electricity cable connecting the island to mainland Europe via Crete.
Project Scope and Timeline
The 530 km submarine High Voltage Direct Current (HVDC) cable will enable bidirectional electricity flows between Cyprus, Crete, and mainland Greece. Expected commissioning is scheduled for 2028, with construction beginning in Q3 2026. The project will cost approximately €700 million total, with EU co-financing covering €200 million through the Connecting Europe Facility.
Strategic Importance
The interconnector transforms Cyprus from an isolated energy island into an integrated European market. It enables Cyprus to export excess renewable generation during summer months and import electricity during peak demand periods. This infrastructure unlocks investment in large-scale solar and wind projects that currently cannot be absorbed by the isolated grid.
The EuroAsia Interconnector also reduces Cyprus's dependence on expensive diesel generation and positions the island as a renewable energy hub for the Eastern Mediterranean region.
