Nexans has signed a turnkey contract valued at EUR1.43 billion (US$1.61 million) to construct a part of the EuroAsia Interconnector, which aims to link Greece, Israel, and Cyprus. As part of the initial phase of the project, Nexans will construct a 525 kV high-voltage direct current (HVDC) cable that will link Greece and Cyprus. This first section of the project, known as Pole One, is scheduled to be finished in 2028. The remaining section, which will join Israel to Cyprus and Greece, will be completed in 2029.
The cable will be positioned at depths of over 3,000 m, and once completed, the project will become one of the European Union's Projects of Common Interest (PCIs), boosting the bloc's internal energy market as a result. Greece, Cyprus, and Israel signed a memorandum of understanding in March 2021 to facilitate the implementation of subsea electricity infrastructure.
The Israeli government started a project in July 2023 to develop a submarine cable along the nation's coast, linking it to the prospective submarine transmission line planned for the Mediterranean Sea by Israel, Greece, and Cyprus.
