Greece and Cyprus have signed a Memorandum of Understanding (MoU) to start the development of a submarine HVDC electric cable connecting continental Europe to the East Mediterranean. The €1.9bn Great Sea Interconnector cable (GSI), formerly known as the EuroAsia Interconnector, plans to connect transmission networks in mainland Greece with Cyprus via Crete, and it is later expected to extend to Israel. The HVDC cable (at 1,240 km and a depth of 3,000 metres) should facilitate Cyprus energy transition by linking it to Europe’s electricity network through Greece.
In October 2022, Greece and Cyprus began construction of the first phase of the EuroAsia Interconnector, which will consist of a 1 GW submarine cable connecting the two countries' power grids via Crete. The project had been halted due to Cyprus’ clarifications about the cost, viability and liability for unforeseen delays, causing uncertainty about the future of the project.