A Cypriot-Greek energy firm is looking to lay an undersea electric power cable that would link Israel, Greece and Cyprus, which essentially to connect Israel to Europe's power grid.

Dei-Quantum Energy-Cyprus, Public Power Corporation (Dei)- Greece, and Israel's Energy and Water Resources (EWR) Ministry want to lay the 2,000 megawatt, 540 km, EuroAsia Inter-connector, according to the Israeli Globes business daily.

The European Union may help fund the 36-month-long, 1.5-billion- euro (about 1.95-billion-U.S. dollar) project, according to the Greek Ekathimerini website.

EWR Minister Uzi Landau first raised the idea of an underwater cable linking Israel and Cyprus during a visit with President Shimon Peres to the island nation last November.

On Tuesday, Landau met in Jerusalem with Cyprus Commerce, Industry and Tourism Minister Praxoulla Antoniadou, to discuss bilateral infrastructure and energy cooperation.

"This will provide back-up for the electricity economies of both countries and will be the first link of its kind between Israel and Europe," Landau said, noting that "it is possible that the future link with Cyprus will provide Israel with maximum security in its energy economy."

"Bilateral ties are strong and of longstanding," according to Antoniadou, who said that the accord promised "new opportunities that have opened before us and which strengthen bilateral ties and cooperation for the benefit of all residents of the region."

Dei-Quantum Energy CEO Nassos Ktoridis said the project was of national importance for his country.

"It is the most ambitious project in the world so far, both in terms of the cable's length, and in terms of the installation depth" Ktoridis said of the project, according to the Famagusta Gazette.

Cypriot Defense Minister Demetris Eliades visited Israel several weeks ago, to discuss possible cooperation in securing mutual gas drilling ventures in the Mediterranean.

The Israeli military has said that it had, of late, embarked on a comprehensive plan to protect the drilling platforms from seaborne terror attacks.

Israeli Prime Minister Benjamin Netanyahu is slated to make a first-ever premier visit to Cyprus in mid-February, according to the Ha'aretz daily.

Before the meeting, Landau introduced his Cypriot counterpart to a group of Israeli entrepreneurs and business people in the energy and water sectors and emphasized the importance that Israel ascribes to projects with Cyprus, in which both private and government companies are involved.