President Nikos Christodoulides is scheduled to meet the representatives of the Independent Power Transmission Operator (ADMIE) over the Euro-Asia Interconnector on Thursday.
He will be accompanied by Energy Minister George Papanastasiou.
Government spokesperson Konstantinos Letymbiotis on Wednesday said that following agreements on the EuroAsia Interconnector, ADMIE was appointed as the implementing body for the electricity interconnection project between Cyprus, Greece and Israel.
“This landmark project will end Cyprus’ electrical isolation and open a new energy avenue in the Eastern Mediterranean,” said Letymbiotis, highlighting that the project secured €657 million in funding from the European Union through the Connecting Europe Facility (CEF) fund and is designated as a Project of Common Interest (PCI).
Established in 2014 for infrastructure investments across the bloc in transport, energy, digital and telecommunication projects, CEF aims at a greater connectivity between EU member states.
Letymbiotis further explained that the completion of the project will result in the electrical interconnection of Cyprus – the EU’s last non-interconnected member state– with the European transmission system. This move ensures both the energy fortification of the island and a reduction in the cost of electricity.
“The project has attracted investment interest from funds of regional states,” he added.
Additionally, Letymbiotis announced an extension of the expression of interest period concerning the board of directors of the Natural Gas Public Company (Defa) until December 11 at 2pm. He reminded that the declaration of interest is available on gnomodotiko.gov.cy.