ATHENS, Sept. 21 (Xinhua) -- Greece and Cyprus signed on Friday an agreement to advance to their electrical interconnection under the Great Sea Interconnector project, the Greek Environment and Energy ministry announced on Saturday
The project to link Cyprus to Greece's Crete Island via an undersea electricity cable is expected to commence in the coming days, according to a joint press release with Cyprus Energy, Commerce, and Industry Ministry.
The Great Sea Interconnector is an electric transmission project connecting Europe to Asia with an estimated cost of 2.4 billion euros (2.68 billion U.S. dollars)
The European Union (EU) has already allocated 657 million euros in funding and the goal is to be completed in 2029.
The Cyprus-Crete Electrical Interconnection will help eliminate Cyprus's energy isolation by connecting its electricity transmission system to the corresponding trans-European systems, according to the press release.
The project is of strategic importance for Cyprus, Greece, and the entire EU, the two sides said. It will facilitate Cyprus' energy transition and support Greece's goal of becoming a corridor for clean energy transportation, they added. (1 euro= 1.12 U. S dollar) ■