The EuroAsia Interconnector is a planned HVDC interconnector between the Greek, Cypriot, and Israeli power grids via the world's longest submarine power cable ( from Israel to Cyprus and from Cyprus to Greece, for a total of ). Connecting Kofinou, Cyprus to Hadera, Israel and Korakias, Crete, Greece the EuroAsia Interconnector is a major Project of Common Interest of the European Union and a priority Electricity Highway Interconnector Project, as an energy highway bridging Asia and Europe. Regulatory approval of electricity interconnection between Cyprus and Greece was completed on October 10, 2017.
According to ENTSO-E's analysis, the interconnector will contribute to social and economic welfare between €580m and €1.12 billion in each year. ENTSO-E calculated that expected reduction of is between 1.3 and 6.8 million tonnes each year, or between 21% and 110% of total emissions of Cyprus.
On May 12, 2017, the Greek Prime Minister Alexis Tsipras met the State Grid Corporation of China Chairman Shu Yinbiao in Beijing, and CEO Euroasia Interconnector Nasos Ktorides supported the timely implementation of EuroAsia Interconnector. On December 12, 2017 transmission system operator Elia announced the conclusion of a strategic alliance agreement for the development and implementation of the 2,000 MW interconnector.
Greek Energy and Environment Minister Kostis Hatzidakis and Israeli Energy Minister Yuval Steinitz, during the 25th UN Climate Change Conference in Madrid (10 Dec. 2019), both reiterated their countries’ support in the Israel-Cyprus-Crete electricity interconnection project, the PCI 3.10 EuroAsia Interconnector.
Former Cyprus Foreign Minister and head of the European Parliament Foreign Affairs Working group Ioannis Kasoulides joined the EuroAsia Interconnector on March 30, 2018, as Chairman of the Strategic Council.
Energy-sector technical engineering recruitment firm Fircroft included the EuroAsia Interconnector as the fourth biggest among 10 major transmission and distribution projects in the world for 2019 and beyond.
A final call for tenders for the construction of Stage 1 with an estimated budget of €2.5 billion was published on November, 2019 and in February 2021 in the Official Journal of the European Union.
On 8 March 2021, Cyprus, Greece and Israel signed an initial agreement to build the world's largest and deepest submarine power cable that will connect the three Mediterranean countries' power grids.
There are particular benefits for all countries involved since Interconnector will spur investment in renewables.
President of the European Commission Ursula von der Leyen visited Cyprus on 8. July 2021 and officially presented EU approval for Cyprus plan to spend €1.2 billion under EU Recovery and Resilience Plan. EuroAsia Interconnector got €100 million funding from EU Recovery and Resilience Plan.
On 26 January 2022, the European Commission approved €657 million under the Connecting Europe Facility (CEF) for Euroasia Interconnector.
The inauguration ceremony on the start of the construction works of Interconnector held on October 14, 2022 at the Presidential Palace in Nicosia. The ceremony was attended by European Commissioner for Energy Kadri Simson, President of Cyprus Nicos Anastasiades, Greek Energy Minister Kostas Skrekas, Cypriot Energy Minister Natasa Pilides and CEO Euroasia Interconnector Nasos Ktorides.
Subsea cables for Euroasia Interconnector will be produced by Nexans, who won a contract worth 1.43 billion euros, signed on 19 July 2023.