Copelouzos Group and Infinity Power, a joint venture between Masdar and Egypt’s Infinity, have signed a green energy deal in Greece.
The memorandum of understanding (MoU) will pave the way for the possibility of jointly developing renewable energy projects that will provide an interconnector between Greece and Egypt.
The GREGY (Green Energy Interconnector) project involves the electrical interconnection the two countries through a submarine cable with a 3GW capacity and the possibility of bidirectional energy transmission.
The GREGY wire will carry 100% green energy from Egypt to Greece, and through Greece to Europe.
Renewable energy projects with a capacity of around 9.5GW will need to be built to maximise the utilisation of GREGY.
The project will provide alternative clean and renewable energy sources and routes for Europe, reducing the continent’s dependency on energy produced from fossil fuels.
The MoU provides for the establishment of a steering committee, consisting of three members, to coordinate discussions, exchange information and conduct negotiations.
Through their cooperation, the parties will seek to make use of their expertise, experience and technical, commercial and financial know-how, for the swift development, implementation and successful operation of the renewable energy projects.
The MoU follows the agreement signed last year between the UAE and Greece to establish an investment framework worth €4bn, between ADQ and the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI).