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, have signed a memorandum of understanding in order to access, on a non-exclusive basis, the possibility of jointly developing renewable energy projects that will provide the GREGY power interconnection with a source of green energy.
The GREGY – Green Energy Interconnector project involves the electrical interconnection of Egypt directly with mainland Greece through a submarine cable of 3,000 MW capacity and the possibility of bidirectional energy transmission.
The GREGY project will carry 100% green energy from Egypt to Greece, and through Greece to Europe, thus making a decisive contribution toward tackling climate change and the greenhouse effect by significantly reducing CO2 emissions.
The necessary renewable energy projects with a capacity of around 9.5 GW shall be required to maximize the utilization of GREGY.
The project will provide alternative clean and renewable energy sources and routes for Europe, thereby reducing the continent’s dependency on energy produced from fossil fuels.