LISBON, July 20 (Xinhua) -- Portugal and Morocco agreed on Monday to build an electricity interconnection following talks between their energy ministers in Lisbon on renewable energy and mining cooperation.
Portuguese Environment and Energy Minister Maria da Graca Carvalho described the project as "important for Europe and also for Africa," while Moroccan Minister of Energy Transition and Sustainable Development Leila Benali said it was "very important" for her government.
Both countries will apply to the European Commission for funding and seek to have the interconnection designed as an Important Project of Common European Interest (IPCEI), a framework that provides access to European Union co-financing.
A 2018 estimate put the project's cost at 800 million euros (912 million U.S. dollars), but Carvalho said the figure is outdated given changes in construction costs and advances in available technologies.
To avoid placing the financial burden on consumers and taxpayers, Portugal and Morocco are also considering launching a call for expressions of interest from private sector players, including energy companies and distributors, whose investments could be combined with EU funding.
Next steps include a meeting in Brussels and a Portugal-Morocco summit, expected in early 2027.
