NICOSIA, Cyprus (AP) — An official says work on an electric cable linking the power grids of Israel, Cyprus and Greece is on track to start in the first quarter of 2018 after Greek and Cypriot regulators approved the project.

Nasos Ktorides, who heads the EuroAsia Interconnector project, said Monday that Israeli regulators are expected to give their approval next month.

The 1,520-kilometer (945-mile) undersea electric cable with a 2,000-megawatt capacity will be able to both receive and transmit electricity.

Work on the cable is expected to last until 2022 and its first phase will have an estimated cost of around 3.5 billion euros ($4.13 billion).

The project emerged amid improved relations between the three counties, coupled with the discovery of gas deposits in the east Mediterranean that could be used to generate electricity.