The Greek Copelouzos Group is fast-tracking the development of its 4.2 billion euro submarine electricity interconnection with Egypt, with plans to complete construction and begin operations by 2030.
The interconnector, known as GREGY, has already attracted significant interest from European banks for potential financing, according to Ioannis Karidas, CEO of Renewable Energy, Energy Storage, and Interconnections at Copelouzos. The project has also been included in the European Union’s list of energy projects of mutual and common interest, qualifying it for grants that could cover up to 50% of the construction costs.
The GREGY interconnection will consist of four cables stretching nearly 1,000 kilometers across the Eastern Mediterranean. It aims to transport electricity from a portfolio of 9.5 GW of wind and solar projects that Copelouzos will develop in Egypt as part of a separate initiative. A third of the electricity generated will be allocated to Greek industry, another third will be transferred to Bulgaria, Italy, and other European countries, and the final third will support the production of green fuels such as hydrogen and green methanol for shipping.
The project is expected to have a significant environmental impact, with the potential to replace 4.5 billion cubic meters of natural gas annually. The wind and solar plants in Egypt will require an investment of 8 billion euros, with Copelouzos planning to develop these plants in collaboration with an international consortium of companies.
