Greece’s Copelouzos Group signed a Memorandum of Understanding (MoU) with Infinity Power, a joint venture between Masdar (Abu Dhabi Future Energy Company) and Egypt’s Infinity to jointly develop renewable energy projects that will provide GREGY (the Green Energy Interconnector project) electrical interconnection with a source of green energy.
The GREGY involves the electrical interconnection of Egypt directly with mainland Greece through a submarine cable of 3,000 megawatts (MW) capacity and the possibility of bidirectional energy transmission. The GREGY project will carry 100 per cent green energy from Egypt to Greece and through Greece to Europe, thus making a decisive contribution in tackling climate change and the greenhouse effect by significantly reducing CO2 emissions.
The necessary renewable energy projects with a capacity of around 9.5 gigawatts (GW) shall be required to maximise the utilisation of GREGY. 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.
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.
“We are very excited to work together through this partnership and anticipate the strong potential for mutual benefit and cooperation through the joint development of renewable energy projects in Egypt and the transfer through the GREGY project of the produced green energy to Europe,” said Mohamed Ismail Mansour, Chairman of Infinity Power. “This project is a remarkable opportunity for Egypt to benefit through economic development and revenue growth. The project will also enhance the country’s energy security and be a key venture in promoting international cooperation. By supplying renewable energy to Europe, we are not only bolstering our own economy but also positioning ourselves as a key player in the global energy market. This project aligns perfectly with our vision for a sustainable future for the world.”
“We are happy to enter into a Memorandum of Understanding with Infinity Power for assessing the opportunity of cooperation in developing one of the largest green energy projects in the Eastern Mediterranean for producing green energy to be transferred via GREGY to Greece and through Greece to Europe,” added Christos Copelouzos, Chairman and CEO of Copelouzos Group. “In this way, we can support Europe in its efforts towards achieving energy diversification and security and bringing earlier the attainment of Fit-55 and elimination of CO2 emissions targets.”
