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The European Commission announced on Thursday that it will pay 307.6 million euros ($323 million) to finance the construction of a 600 MW subsea interconnection facility between Italy and Tunisia that will create a renewable energy bridge between Europe and Africa.
It is planned that the high-voltage cable connection, called the ELMED interconnector, will stretch for more than 200 kilometers and reach a depth of up to 800 meters. It will start from the Italian province of Trapani, on the west coast of Sicily, and will stretch across the Strait of Sicily to the Cape Bonn peninsula in Tunisia. Developed by Italian network operator Terna SpA (BIT:TRN) and its partner STEG of Tunisia, the scheme requires an investment of around €850 million.
EU funds will be provided from the Connecting Europe Facility, from which the EC will also support eight cross-border energy infrastructure projects with 602 million euros.
Italy’s Ministry of Environment and Energy Security has already started the authorization process for the project, Terna said. He notes that the scheme will help improve Italy’s energy security by importing renewable energy from Africa and reduce its reliance on Russian gas.
“Thanks to this project, Italy will be able to firmly establish itself as a Mediterranean energy hub,” said Terna CEO Stefano Donnarumma.
The public consultation for the project was concluded by Terna in Italy in July 2021.
[Staff Report]
More: The EC approves the financing of the Italy-Tunisia interconnector with a capacity of 600 MW
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