Cyprus President Nikos Christodoulides will meet on Thursday with the Greek Independent Power Transmission Operator (IPTO) to discuss issues related with the EuroAsia Interconnector, an emblematic project for the electricity connection of Cyprus, Greece and Israel via a subsea cable.

Government Spokesperson Konstantinos Letymbiotis said during a weekly press briefing that the President will be accompanied by Minister of Energy George Papanastasiou.

Letypmbiotis recalled that IPTO has been assigned as project promoter of EuroAsia, a project estimated to amount close to €2 billion.

“This emblematic project will lift Cyprus’ energy isolation and will open a new energy highway in the Eastern Mediterranean,” Letymbiotis added.

The Spokesperson also recalled that the project has secured financing amounting to €657 million from the EU via the Connecting Europe Facility and has been included in the EU project of common interest (PCI) list.

He noted that the completion of the project “will mark the electricity connection of Cyprus, the EU’s last non-interconnected member-state, while securing the energy security in combination with the reduction of electricity costs.”

“The project is attracting interest from investment funds of the region,” he concluded.

The EuroAsia Interconnector is a 2,000 MW multi-terminal electricity interconnection that will connect the national electricity grids of Israel, Cyprus and Greece (Crete) to Europe. The EuroAsia Interconnector is considered as the longest, at 890 km, and the deepest, up to 3,000m, HVDC interconnector in the world.