The so-called "Euro-Asia Interconnect," with a capacity of 2.000 megawatts, is a historic event, said Israel Electric Corp. CEO Yiftach Ron Tal.
The agreement, which was signed in Jerusalem, also provides for the installation of additional cables that will connect Cyprus with mainland Europe via Greece.
"Israel will be able to receive energy from Cyprus and Europe, and in the future, it will be able to provide them with energy," said Energy Minister Uzi Landau.
For his part, the president of PPC Quantum Energy, Athanasios Ktoridis, noted that all three participants will benefit from the agreement, as reported by newsbomb.gr.
"Greece will increase its energy efficiency and will become an important player on the European energy chessboard. "Cyprus will provide a steady flow of energy inside and outside the country, while Israel will become a major energy supplier on the European continent," Ktoridis added.