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€ 1 billion in energy infrastructure in support of the Green Deal

Jan 27, 2022 | News

(27 January 2022) – EU countries have agreed on a Commission proposal to invest € 1.037 billion in 5 cross-border infrastructure projects under the Connecting Europe Facility (CEF) for trans-European energy networks.

© European Union

CEF will provide financial support to 4 projects for construction and 1 study. The largest amount of funding will go to the EuroAsia interconnector project (€ 657 million) to support the first electricity interconnection between Cyprus and the European grid.

Well-integrated energy infrastructure networks are necessary for the energy transition, as they facilitate the integration of renewable energy, enhance security of supply and help keep energy prices in check. The allocation of CEF funds therefore supports the implementation of the European Green Deal.

Today’s agreement grants financial aid for the construction of 3 projects for electricity transmission and 1 for gas storage, as well as supporting a study on CO2 transport.

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