A major milestone in accelerating the implementation of the flagship Egypt-Greece electricity interconnection project (GREGY), which is a cornerstone for strengthening Europe’s energy security and green transition, was achieved with the approval on Wednesday, January 28, 2026, by the competent Agency of the European Commission of a grant of 9,560,000 euros for the preparation of the next studies for the project.

The implementation of the project accelerates with the completion of the first studies and the commencement of the next important stage of its development, that is the preparation of the Seabed Mapping Study (Marine Reconnaissance Study) using a specially equipped vessel. It is noted that GREGY is the only Greek project to receive grants from the European Commission in yesterday’s decision.

The GREGY project, which is being developed by ELICA INTERCONNECTOR S.M. S.A. of Copelouzos Group, concerns the creation of a vertical green energy corridor from South to North, through which clean, competitive and continuous flow of electricity from Renewable Energy Sources (RES), produced in Egypt, will be transported to Greece and then to Europe. Egypt has extremely high efficiency factors in solar and wind energy, which will be utilized to meet Europe’s ever-growing demand for green energy, especially in the context of the strategic effort to reduce dependence on Russian natural gas and enhance security of supply.

GREGY project constitutes a bridge of sustainable development, energy independence and peace, enhancing consumer welfare, industrial sustainability and competitiveness and transforming Greece into an important energy hub in South-Eastern Europe, with significant benefits for the economy and security of the country.

Yesterday’s decision by the European Commission is yet another proof of the strong support of the project from Europe, following its inclusion in the list of Projects of Common/Mutual Interest of the Union, as well as in the flagship infrastructure projects of the EU’s Global Gateway program. The strategic importance of GREGY for the region is now also officially recognized by the United States, since just a few days earlier, the competent Committee on International Affairs of the House of Representatives of the US Congress approved the bill entitled “Eastern Mediterranean Gateway Act” to enhance connectivity and security in the Eastern Mediterranean, where among the 4 projects of strategic importance mentioned, the GREGY electrical interconnection is also included.