Copelouzos Group and Infinity Power, a joint venture between Masdar and Egypt's Infinity, have recently reached an agreement on a green energy initiative in Greece. The signing of a memorandum of understanding (MoU) sets the stage for potential collaboration in developing renewable energy projects aimed at establishing an interconnector between Greece and Egypt.
The project, known as the Green Energy Interconnector (GREGY), entails the electrical linkage of the two countries via an underwater cable with a capacity of 3GW. It offers the possibility of bidirectional energy transmission, enabling the transportation of 100% green energy from Egypt to Greece and further into Europe.
To fully leverage the GREGY infrastructure, approximately 9.5GW of renewable energy projects will need to be constructed. This expansion aims to optimize the utilization of the interconnector while diversifying Europe's energy sources and reducing its reliance on fossil fuels.
In accordance with the MoU, a steering committee will be established, comprising three members who will facilitate discussions, information exchange, and negotiations. Through close collaboration, the involved parties intend to leverage their respective expertise, experience, and technical, commercial, and financial know-how to expedite the development, implementation, and successful operation of the renewable energy initiatives.
This agreement follows a previous investment framework established last year between the United Arab Emirates and Greece, valued at €4bn. The framework involved ADQ, the Hellenic Development Bank (HDB), and the Hellenic Development Bank of Investments (HDBI) and aimed to strengthen investment ties between the two nations.
