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EC approves €100 mln grant for EuroAsia Interconnector as part of RRP

27/07/2021 16:57

In a landmark decision, the Council of the European Union has approved the allocation of a €100 mln grant to the EuroAsia Interconnector electricity interconnection as part of the Recovery and Resilience Plan (RRP) for Cyprus to end the energy isolation of Cyprus, an announcement by the project promoter notes.

“The EuroAsia Interconnector electricity interconnection ends the energy isolation of Cyprus, the last non-interconnected EU member state, ensures security of supply, more competitive wholesale electricity prices and enables the increased use of electricity from cleaner sources, in particular renewables, by connecting the electricity network of Cyprus to the Union continental system,” the press release says.

The Cyprus Recovery Plan devotes 41% of the total allocation to measures that support climate objectives, while the EuroAsia Interconnector electricity interconnection will aid electricity generation from cleaner sources, in particular renewable sources of energy, it is added.
EuroAsia Interconnector congratulates President von der Leyen for the Commission’s commitment to the creation of the EuroAsia Interconnector electricity highway between Cyprus and Continental Europe, noting that “the EuroAsia Interconnector electricity interconnection ends the energy isolation of Cyprus, the last non-interconnected EU member state.”