The Egypt-Greece “GREGY” electrical interconnection has been proposed for inclusion in the European Union’s list of Projects of Mutual Interest.
The European Commission’s Directorate-General for Energy (DG Energy) announced that there is a proposal to include the electrical interconnection of the two countries in the list of Projects of Mutual Interest (PMI) which will be endorsed by the European Parliament and the European Council over the next two months.
“The flagship project will connect Egypt to Europe via Greece with a 3,000 MW submarine cable with a length of about 950 km. The green and competitively priced energy that the cable will carry from Egypt to Greece will be produced from 9.5 GW of renewable energy sources that will be constructed and operated by Copelouzos Group in Egypt,” the company said in a statement.
“This is a project of major importance for Egypt, as it will enable 9.5 GW of RES investments representing an investment of 8 billion euros and has the full support of the President of Egypt, Abdel Fattah El-Sisi and the Greek Prime Minister, Kyriakos Mitsotakis. Through the Egypt-Greece electrical interconnection, the European Union can gradually secure a stable supply of large quantities of green electricity, consolidating Egypt’s position as a regional energy hub,” it added.
The project is fully in line with the European Union’s strategy for the transition to green energy and achieving zero CO2 emissions by 2050 and fully supports the EU’s policy of creating energy corridors, especially green ones, by interconnecting Europe’s electricity system with Egypt.
It is also noted that GREGY – Green Energy Interconnector has already been included in the European Union’s development initiative “Global Gateway”, which aims to bring together the priorities of the EU’s external policy and leverage investments for the period 2021-2027 to develop global infrastructure.
