UAE's TAQA May Invest in Cyprus Electricity Project, Energy Minister Says

Photo: Reuters

Cyprus Energy Minister George Papanastasiou announced on Thursday that Abu Dhabi’s energy and water company, TAQA, is interested in investing in a major electricity project. This project aims to connect Cyprus with Europe through an international electricity cable.

The project, known as the Great Sea Interconnector (GSI), is a high-voltage underwater cable that will link Cyprus' electricity grid to Europe. It is estimated to cost 1.9 billion euros ($2.12 billion). The cable will first connect Cyprus with the European electricity network, and later, it will extend to Israel.

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This interconnection is expected to help Cyprus reduce its dependence on fossil fuels and bring cleaner energy to the country. The project also aims to improve energy security and create a stronger power link between different regions.

Minister Papanastasiou's statement confirms that TAQA, a major energy company from the UAE, is considering investing in the project. If the investment goes ahead, it could help speed up the completion of the interconnector and strengthen Cyprus' role in regional energy trade.

For now, discussions are ongoing, and more details about the investment will likely emerge in the coming months.

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