EU countries have agreed on a Commission proposal to invest € 1.037 billion in 5 cross-border infrastructure projects under the Connecting Europe Facility (CEF) for trans-European energy networks. CEF will provide financial support to 4 projects for construction and 1 study. The largest amount of funding will go to the EuroAsia interconnector project (€ 657 million) to support the first electricity interconnection between Cyprus and the European grid.

Kadri Simson, Commissioner for Energy, said: "Recent months have reminded us again how crucial a well-integrated EU energy market is for ensuring affordable energy and security of supply, as well as the clean energy transition. While we have made remarkable progress in the last decade with making our market better connected, more can and should be done. I want to particularly highlight the EuroAsia interconnector, that will bring an end to the energy isolation of Cyprus and link it to the rest of Europe."

Well-integrated energy infrastructure networks are necessary for the energy transition, as they facilitate the integration of renewable energy, enhance security of supply and help keep energy prices in check. The allocation of CEF funds therefore supports the implementation of the European Green Deal.

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