Infinity Power, Copelouzos Group to jointly provide green energy sources to GREGY project
Updated 5/18/2023 6:57:00 AM
Arab Finance: Copelouzos Group, through its arms Damco Energy and Elica Mediterranean Interconnection, have signed a memorandum of understanding (MoU) with Infinity Power, a joint venture between Masdar and Egypt’s Infinity, to jointly develop renewables projects that provide the Greece-Egypt electricity interconnection project (GREGY) with green energy sources, according to an emailed release on May 17th.
The MoU covers the formation of a steering committee of three members to coordinate discussions, exchange information, and hold negotiations.
Under the deal, the companies will exchange expertise as well as technical, commercial, and financial know-how to ensure rapid and successful implementation of renewables projects.
“We are very excited to work together through this partnership, and anticipate strong potential for mutual benefit and cooperation through the joint development of renewable energy projects in Egypt and the transfer through the Egypt-Greece subsea transmission project (GREGY) of the produced green energy to Europe,” Infinity Power’s Chairman Mohamed Ismail Mansour commented.
“We are happy to enter into a MoU with Infinity Power for assessing the opportunity of cooperation in developing one of the largest green energy projects in Eastern Mediterranean for producing green energy to be transferred via GREGY to Greece and through Greece to Europe,” Chairman and CEO of Copelouzos Group Christos Copelouzos said.
It is worth mentioning that the GREGY projects includes a 3,000-megawatt (MW) submarine cable connected between Egypt and Greece for a two-way energy transmission.
The project will transmit 100% green energy from Egypt to Greece and, then, to Europe.
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