Greece and Saudi Arabia plan to establish a joint venture for the development of an electricity interconnection between the two countries. The agreement for the establishment of the special purpose company Saudi Greek Interconnection will lay the foundations for the development of the new electricity interconnection between Greece and Saudi Arabia.
The partnership with the Saudi Arabian transmission system operator is the first step towards the implementation of a clean energy corridor from the Middle East to Europe via Greece and is combined with the operator’s planning for the Green Aegean Interconnector – Greece-Germany electricity interconnection, according to Greek electricity transmission system operator ADMIE.
The deal comes as Greece and Saudi Arabia last year signed a Memorandum of Understanding (MoU) to cooperate on energy. The MoU sets a framework for cooperation that includes renewable energy, electrical interconnection, exporting electricity to Greece and Europe, clean hydrogen and its transfer to Europe, energy efficiency, the oil, gas, and petrochemical industry, and adopting the circular economy approach to carbon and technologies to reduce the effects of climate change.