A significant step forward has been made in the development of the Egypt-Greece electricity interconnection (GREGY) project, with the signing of a grant agreement between the European Bank for Reconstruction and Development (EBRD) and ELICA Interconnector, a subsidiary of the Copelouzos Group. This milestone is a key element in strengthening Europe’s energy security and advancing the transition to renewable energy.
The GREGY initiative aims to establish a green energy corridor running from Egypt to Europe, providing a reliable supply of renewable electricity. With Egypt’s vast solar and wind energy potential, the project is poised to meet Europe’s increasing demand for clean energy, while reducing the continent’s reliance on Russian natural gas and enhancing energy security.
The grant agreement will fund two critical preparatory studies: a route analysis to identify the optimal location for the submarine cable and a comprehensive cost-benefit and technical evaluation. These studies are essential for advancing the project’s technical readiness and ensuring swift implementation. The GREGY project has already been recognized as a strategic geopolitical and environmental asset for Europe, with advisory support funded by the EU’s InvestEU Advisory Hub and EBRD acting as the lead partner.
This initiative aligns with EBRD’s focus on market integration, sustainable energy transition, and enhancing supply security. The Copelouzos Group emphasized that the project not only strengthens Europe’s energy independence but also fosters regional cooperation and contributes to decarbonization efforts.
Once completed, the interconnection will provide renewable electricity to Greece’s industrial sector, support green hydrogen production, and export power to other EU countries. The project is expected to cut Europe’s natural gas consumption by 4.5 billion cubic meters annually and reduce CO2 emissions by 10 million tons per year. GREGY has been recognized as a Project of Common Interest (PCI) by the European Union and is a central element of the EU’s Global Gateway infrastructure initiative.
