The agreement to connect Naxos island's electricity network to that of Paros and Mykonos was signed on Tuesday between Greece's Independent Power Transmission Operator (ADMIE) and the consortium Hellenic Cables SA-Fulgor SA, which will assume the construction and submersion of the undersea cables.

"This connection will complete the loop betwen Paros, Naxos and Myconos and provide stable transmission of power on those islands, since it will provide two transmission routes and reduce their dependency on independent power stations," ADMIE said. It added that the project is worth 35.6 million euros and belongs to the works under the second phase of the Cycladic Island connections, expected to be completed by 2019.

The interconnection of Cycladic Islands is part of a larger project linking with the Greek mainland, funded by EU regional development funds.