A Memorandum of Understanding was signed between IPTO and the company ELICA SA, a member of Copelouzos Group, regarding the launch of exclusive discussions dedicated to the evaluation of IPTO’s entry into the share capital of the company developing the electrical interconnection project between Greece and Egypt, GREGY – Green Energy Interconnector. The Parties’ intention is for IPTO to acquire a share of up to 33.3% in the company.
The Memorandum provides for the establishment of a Steering Committee, consisting of 4 members, to coordinate the discussions, the exchange of information and the negotiations for the drawing up of the necessary contracts.
Through their cooperation, the Parties will seek to make use of their expertise, experience and technical, commercial and financial know-how, for the fastest development and implementation of the project as well as its most successful management. The Memorandum also envisages that the two Parties will hold discussions with the Electricity Transmission System Operator of Egypt (EETC). The intention of the Parties is for EETC, ELICA and IPTO to participate in the share composition with a percentage of 33.3% each. Moreover, it is foreseen that IPTO may undertake, in collaboration with ELICA, additional studies on internal transmission infrastructure projects that may be required to ensure the interconnection of the national transmission systems with the GREGY project.
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 be carrying 100% green energy from Egypt to Greece, and through Greece to Europe, thus making a decisive contribution to tackling climate change and the greenhouse effect by significantly reducing CO2 emissions. The GREGY project will provide alternative energy sources and routes for Europe and reduce its dependence on energy produced from fossil fuels, through the use of clean and renewable energy. In this way, the quality, reliability and security of supply of Greece and its neighbouring European countries will be improved, turning Greece into an important clean energy hub in South-East Europe and supporting the achievement of the objectives of green transition, at European level.