JERUSALEM, March 8 (Xinhua) -- Israel has agreed with Cyprus and Greece to lay an underwater power cable in the Mediterranean Sea, the Israeli Ministry of Energy said on Monday.

The project will connect Israel to the European electricity grid, the ministry added.

Energy ministers of Israel, Cyprus and Greece have signed a tripartite memorandum of understanding in Cypriot capital Nicosia to lay the cable.

The underwater cable will be laid for about 1,500 km and at a maximum depth of about 2,700 meters and will connect the electricity networks of the three countries.

The project, expected to be completed by 2024, will be able to carry a capacity of 1,000-2,000 megawatts, the Israeli ministry said.