Signed Grand Agreement- with Elica Interconnector SMSA of the Kopelouzos Group to finance the first studies of the Egyptian-Greece-Greece electric interconnection project
An important milestone to accelerate the implementation of the Egyptian – Greece Electric Interconnection Project (Greece (Gregy), which is a foundation for the enhancement of Europe’s energy security and green transition, It was reached today by signing a grant agreement between the European Reconstruction and Development Bank (EBRD) and ELICA INTERCONNECTOR SMSAmember of Girlfriend.
TGregy project is about creating a vertical green energy corridor from the south to the norththrough which it will carry clean, competitive and continuous flow of energy from Renewable Energy Sources (RES)produced in Egypt, to Greece and then to Europe.
Egypt has extremely high efficiency in solar and wind energy, which will be used to meet the ever -increasing demand for Europe in green energy, especially in the context of strategic effort to reduce Russian gas dependence and enhance security.
The agreement concerns the funding of part of the costs for the first two studies of the Gregy project: the Desktop Study, which will determine the optimal design of the underwater cable, and the integrated cost-benefit and technical analysis analysis (CBA and technical analysis). These studies are critical for maturing and rapid implementation of the project. Gregy has already been recognized as a project of major geopolitical and environmental importance for Europe. Counseling support is funded under the European Union’s Investeu Advisory Hub, where EBRD is a major implementation partner.
“We are very happy to support this project, which is fully aligned with EBRD’s priorities, such as market integration, green energy transition and energy supply. We would like to thank the European Union for its invaluable support for promoting this particularly important regional project, “said Grzegorz Zieliński, director and head of the EBRD Europe.
Mr. Ioannis Karydas, Managing Director of the Renewable Sources Unit and Storage of Energy of Girlfriend and Managing Director of Elica Interconnector SMSA, he said: “Gregy is a bridge of sustainable development, energy independence and peace. Through the Egyptian -Greece electric interconnection, we contribute substantially to Europe’s energy security, the apoliticalization of our energy systems and to the strengthening of cooperation bonds between our peoples. Today’s agreement confirms our commitment to play a leading role in projects that form a better future for our region – for the benefit of the European market, the national economy and consumers. “
The signature ceremony was held today in the presence of Ambassador of Egypt to Greece, Mr Omar Amer Youssefwhich emphasized the importance of interconnection to enhance Europe -African energy cooperation, supporting the economic well -being of the region and promoting common green growth.
The Gregy project provides for the creation of a green energy corridor through which pure electricity will be transported, produced by renewable energy on the coast of North Africa to Europe through an underwater cable. This will be used to meet the needs of the Greek industry and for the production of green hydrogen, and part of it will be directed to the European Union countries, contributing substantially to the energy transition, a reduction in natural gas consumption by 4.5 billion cubic meters per year and reduce emissions by 10 million per year.
The Gregy project has been included in the first list of European Union’s common / mutual interest projects (PCI / PMI), as well as the EU’s flagship infrastructure projects in the Global Gateway program.
