Memorandums of Understanding signed for underwater renewable energy interconnection between Greece and Egypt

Two Memorandums of Understanding (MoU) were signed during the previous month, regarding the development of an underwater renewable energy cable interconnector between Greece and Egypt.

The project itself is the GREGY – Green Energy Interconnector, which consists of an underwater cable with a 3 GW capacity and bidirectional energy transmission capability. The interconnector aims at transmitting green energy from Egypt to Greece, which can then be passed through to Europe.

Furthermore, the first MoU was signed between IPTO and subsidiary companies of Copelouzos Group on the 4^th of May. This MoU regards the IPTO to enter the shared capital of the developing company for the GREGY interconnection project, by acquiring a 33.3% share, resulting in a shared composition between the aforementioned parties and Electricity Transmission System Operator of Egypt (EETC).

The second MoU was announced on May 17 and involved Infinity Power and Copelouzos Group and regards the development of renewable energy projects which will generate clean energy that will be transferred through GREGY.

The two parties stated that roughly 9.5 GW of renewable energy is required for the utilization of GREGY to be maximized. However, Egypt currently has a 6 GW total renewable capacity, an output set to increase to 61 GW by 2035.