Copelouzos Group from Greece and Masdar’s affiliate Infinity Power signed a memorandum of understanding on joint investments in projects for the production of renewable electricity that would be exported from Egypt to Europe through a proposed submarine power interconnection.
GREGY – Green Energy Interconnector project is for a direct electrical link from Egypt to mainland Greece through a submarine cable of 3 GW in capacity and the possibility of bidirectional energy transmission. The link is planned to carry only green energy from Egypt to Greece, from which it would also be sent further into Europe, according to the investors.
Renewable energy projects with a capacity of around 9.5 GW are required to maximize the utilization of GREGY, Copelouzos Group and Infinite Power said. Energypress reported yesterday, citing unnamed sources from the European Commission, that the European Union’s executive body would support the interconnection endeavor financially only when it determines that renewable energy projects in Egypt are making progress.
The Middle Eastern country only has 6 GW in total in renewable electricity production capacity, the article adds. The government in Cairo plans to develop projects of an overall 61 GW by 2035, the news outlet noted.
Copelouzos, Infinity Power to assess possibility to launch joint projects
Copelouzos Group, through its subsidiary companies Damco Energy and ELICA Mediterranean Interconnection, and Infinity Power, a joint venture between Masdar (Abu Dhabi Future Energy Company) and Egypt’s Infinity, announced today that they signed a memorandum of understanding in order to assess, on a non-exclusive basis, the possibility of jointly developing renewable energy projects that would provide the subsea power link with green electricity.
The companies pointed to last year’s investment deal between Greece and the UAE
The document follows an agreement signed last year between the United Arab Emirates and Greece to establish an investment framework worth EUR 4 billion between sovereign wealth fund Abu Dhabi Developmental Holding Co. (ADQ) and the Hellenic Development Bank (HDB – national development bank of Greece) and Hellenic Development Bank of Investments (HDBI).
Copelouzos Group is a conglomerate based in Greece doing business in the sectors of energy, real estate, tourism, advertising and exhibitions and congresses.
Greece’s IPTO to acquire 33.3%
“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,” Infinity Power’s Chairman Mohamed Ismail Mansour said.
The company is focusing on solar and wind power projects throughout Africa. Infinity Power said it is currently active in Egypt, South Africa and Senegal and that it has operational facilities of 1.3 GW in total and 13.8 GW in the pipeline.
Earlier this month, Greece’s Independent Power Transmission Operator (IPTO or, in Greek, Admie) began exclusive negotiations with ELICA about entering the GREGY project by acquiring 33.3%. The agreement envisages Egyptian Electricity Transmission (EETC), the country’s transmission system operator, to participate with 33.3% as well.