The Egyptian Ministry of Electricity and Renewable Energy and the Greek Ministry of Environment and Energy have signed a Memorandum of Understanding (MoU) to build a 1 GW subsea high-voltage direct current (HVDC) line between Egypt, Cyprus and Greece (Crete and Attica). The phase 1 of the project is expected to cost €2.5bn. The interconnection between Egypt and Cyprus should be commissioned in December 2022, while Cyprus-Crete link could be operational in December 2023. The project developer received binding offers from two cable suppliers for the interconnection in September 2020.
In March 2021, Greece, Cyprus and Israel signed a Memorandum of Understanding (MoU) to build the EuroAsia Interconnector, a 1,000-2,000 MW subsea HVDC line between the three countries. The US$900m (€760m) project, with a length of about 1,500 km and a maximum depth of 2,700 metres, should be completed by 2024.