Greece: Copelouzos and Infinity Power signed MoU on RES development, SEE Energy News
Greece Copelouzos Group announced that it signed a Memorandum of Understanding with Infinity Power, a joint venture between UAE’s Masdar and Egypt’s Infinity, to exchange expertise for the fast development of the necessary renewable energy for the operation of the future Greece-Egypt electricity interconnection.
The Copelouzos Group is developing a project for a 3 GW undersea cable connecting Greece and Egypt.
Greek electricity transmission system operator ADMIE is also considering acquiring a stake in the link. It is estimated that it will cost about 4 billion euros. The so-called GREGY (Green Energy Interconnector) project envisages the electricity interconnection between Egypt and mainland Greece through a 3,000 MW submarine cable and the possibility of bidirectional transmission.
The GREGY project will carry 100% green energy from Egypt to Greece and through Greece to Europe, thus making a decisive contribution to tackling climate change and the greenhouse effect by significantly reducing CO2 emissions. The necessary renewable energy projects with a capacity of around 9.5 GW shall be required to maximize the utilization of GREGY interconnection.
The project will provide alternative clean and renewable energy sources and routes for Europe, thereby reducing the continent’s dependency on energy produced from fossil fuels.