Bank of Cyprus
|Operator||DEH Quantum Energy|
|Type||Submarine power cable|
|Type of current||HVDC|
|Total length||1,000 km (620 mi)|
|Power rating||2,000 MW|
The 287-kilometre (178 mi) cable will link Israel with Cyprus. Cyprus will be connected with the Greek island of Crete. From Crete, an existing cable will be used for connection to Peloponnese in mainland Greece providing a connection to the pan-European electricity grid. If built, the total length of the interconenctor will be about 540 nautical miles (1,000 km; 620 mi) and it would be laid depths of up to 2,000 metres (6,600 ft) under sea level. It will have a capacity to transmit 2,000 megawatts of electricity in either direction. It is expected to cost €1.5 billion, of which €500 million is the cost of the Israel–Cyprus link.
A memorandum of understanding for conducting the feasibility study was signed in Jerusalem on 4 March 2012 between the project company, DEH Quantum Energy, and the Israel Electric Corporation. The feasibility study should be completed by the end 2012. If the investment decision will be positive, the project could be launched as early as 2013. The project is expected to be completed within 3 years from the beginning of construction.
The project will be funded and developed by DEH Quantum Energy, a joint venture established in 2011. It consists of Greece's DEH, Cyprus's Quantum Energy and Bank of Cyprus as a minority shareholder.
- Kambas, Michele (2012-01-23). "Cyprus group plans Greece-Israel electricity link". Reuters. Retrieved 2012-03-09. "A Cyprus-based group including Greece's state-controlled power utility PPC said on Monday it planned to lay the world's longest subsea power cable linking Europe and Asia."
- "Israel, Cyprus in underwater electricity cable deal". AFP. 2012-03-04. Retrieved 2012-03-09.
- Udasin, Sharon (2012-03-04). "Israel, Cyprus, Greece sign electric cable deal". The Jerusalem Post. Retrieved 2012-03-09.
- "DEH/Quantum to build EUR 1.5 bln East-West mega-cable". Financial Mirror. 2012-01-26. Retrieved 2012-03-09.
- Rabinovich, Ari (2012-03-04). "Israel-Cyprus underwater power cable takes shape". Reuters. Retrieved 2012-03-09.