Italy-Tunisia power line secures 307 mln euros of EU financing

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ROME  (Reuters) – The European Union will support the underwater power line project between Italy and Tunisia with around 307 million euros ($324 million) of funding, Italian power grid operator Terna  and the European Commission said.

Terna also said that the Italian ministry for the environment and energy security has started the authorisation process for the project, which should cost around 850 million euros in total.

The EU money comes from the Connecting Europe Facility, from which the EU commission also announced on Thursday investments in seven other cross-border energy projects, for a total outlay of 602 million euros.

Italy is looking to become a European energy hub and creating a link to Africa to import electricity generated from renewable energy sources plays into its strategy to eliminate its gas dependence from Russia.

($1 = 0.9476 euros)

Reporting by Alvise Armellini; Editing by Kirsten Donovan

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