A Memorandum of Understanding (MoU) was signed for the development of the Green Energy Interconnector (Gregy) project. The Agreement was signed by Infinity Power and Greek infrastructure investor Copelouzos Group.
The project involves the electrical interconnection between Egypt and mainland Greece through a submarine cable of 3GW capacity. It also includes the possibility of bidirectional energy transmission.
The Green Energy Interconnector (Gregy) claimed to only transport green energy from Egypt to Greece. From Greece, the facility will transport the energy to Europe. Its goal was to offer Europe alternative clean and renewable energy sources and routes. Thereby reducing the continent’s reliance on energy derived from fossil fuels.
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Remarks on the proposed project to transport green energy from Egypt to Greece
Mohamed Ismail, chairman of Infinity Power said, “We are not only boosting our economy by providing renewable energy to Europe. But we are also establishing ourselves as a major player in the world energy market. Egypt has an enormous chance to benefit from this initiative in terms of economic growth and increased revenue.”
According to Infinity Power, further green energy projects with a combined capacity of around 9.5GW are necessary in order to maximize the project’s utilization.
Greece has been developing its solar capacity as Greek firms GH Energy and AA Sunshine intended to develop solar power parks in mainland Greece and Crete with Finnish investment company Korkia.
With the projects featuring energy storage to aid in the balance of the electrical system, Korkia sought a renewable capacity of over 1GW. Korkia has joined forces with GH Energy in Thessaly and AA Sunshine in Crete with the goal of beginning the development of the solar PV projects in 2024.