The memorandum of understanding follows the agreement signed last year between the United Arab Emirates and Greece during the visit of Greek Prime Minister Kyriakos Mitsotakis to Abu Dhabi. The agreement aims to create a €4 billion investment framework between ADQ (Abu Dhabi Developmental Holding Company), the Hellenic National Development Bank (HDB) and the Hellenic Development Investment Bank (HDBI).
On May 18, 2023: Greece's Copelouzos Group, through its subsidiaries DAMCO ENERGY and ELICA MEDITERRANEAN INTERCONNECTION, and Infinity Power, a joint venture between Masdar (Abu Dhabi Future Energy Company) and Egypt's Infinity, signed a memorandum of understanding. The companies will cooperate on a non-exclusive basis to jointly develop renewable energy projects that will also provide a source of green energy for the GREGY electrical interconnector.
The Egypt-Greece electricity connection project GREGY envisages a direct connection between Egypt and mainland Greece via a submarine cable with a capacity of 3,000 MW and the possibility of power transmission in both directions. The interconnector will carry 100% green energy both from Egypt to Greece and through Greece to a number of countries in Europe. This will contribute to a more successful achievement of the objectives of tackling climate change and the greenhouse effect by significantly reducing carbon emissions.
Renewable energy projects with a capacity of approximately 9.5 GW will be required to maximize the exploitation of GREGY. The project will provide alternative clean and renewable energy sources and routes to Europe, thereby reducing the Old Continent's dependence on energy produced from fossil fuels.
The MoU provides for the establishment of a Steering Committee consisting of three members to coordinate discussions, exchange information and conduct negotiations. Through their cooperation, the parties will use their expertise, experience and technical, commercial and financial know-how for the rapid development, implementation and successful operation of projects in the field of renewable energy.
The memorandum of understanding follows the agreement signed last year between the United Arab Emirates and Greece during the visit of Greek Prime Minister Kyriakos Mitsotakis to Abu Dhabi. The agreement aims to create a €4 billion investment framework between ADQ (Abu Dhabi Developmental Holding Company), the Hellenic National Development Bank (HDB) and the Hellenic Development Investment Bank (HDBI).
Christos Copelouzos, Chairman and CEO of Copelouzos Group, described the signed memorandum of understanding with Infinity Power as an excellent opportunity for cooperation in the development of one of the largest green energy production projects in the Eastern Mediterranean. "This green energy will be transferred through GREGY to Greece and through Greece to a number of countries in Europe. In this way, we can support Europe in its efforts to achieve energy diversification and security and more quickly achieve the Fit-55 and other targets for the elimination of carbon emissions," he stressed.
"We are extremely excited to work together in this partnership. We see strong potential for mutual benefit and cooperation through joint development of renewable energy projects in Egypt. The Egypt-Greece (GREGY) Undersea Electricity Transmission Project will allow the transportation of green energy produced to Europe. This project is a remarkable opportunity for Egypt when it comes to economic development and revenue growth," said Mohamed Ismail Mansour, Chairman of Infinity Power. According to him, the project will improve the country's energy security and promote international cooperation. "By supplying renewable energy to Europe, we not only strengthen our own economy, but also position ourselves as a key player in the global energy market. This project fits perfectly with our vision for a sustainable future for the world," he added.
"This partnership creates the opportunity to set more ambitious goals. We are not only contributing to the realization of the aspirations of COP27, but also spearheading the movement towards COP28 by establishing ourselves as a significant provider of green energy beyond Africa," said Nayer Fouad, CEO of Infinity Power.
For him, the benefits of the underwater energy transmission project between Egypt and Greece are of great importance to a number of countries. “The green energy produced by the jointly developed renewable energy project will improve Egypt's energy security and ensure stable electricity supplies. The project will also contribute to the creation of new jobs and significant revenue growth.
The transfer of energy through GREGY to Greece and Europe will support EU countries in achieving energy security and decarbonisation. Our projects will further promote the development of renewable energy and support the transition to a more sustainable energy system," said Fouad.
About Copelouzos Group
Copelouzos Group is one of the largest investment groups in Greece with diverse activities, specializing as an infrastructure investor in strategic sectors of the economy and industry. As a fully integrated business development organization, the group specializes in sectors with strategic economic development. Her experience and knowledge enable her to play a key role in the conception, development and implementation of large-scale and technically challenging industrial, technological and other infrastructure projects.
The Group's main business areas are in the energy sector (power plants, natural gas, generation and trading of electricity and renewable energy sources), airport development and management, real estate, construction, tourism, exhibition and convention centers and outdoor advertising. The group is also developing the Egypt-Greece electricity connection project GREGY, which aims to contribute to greener energy interconnection.
For Infinity Power
Infinity Power is a joint venture between Masdar (Abu Dhabi Future Energy Company) and Egypt's Infinity, with the main activity of producing electricity through renewable energy sources, specifically solar and wind technologies on a consumer and industrial scale in Africa. Infinity Power brings together both companies' strong expertise in developing and operating renewable energy assets.
With ongoing projects in Egypt, South Africa and Senegal, Infinity Power aims to expand its operations to markets in all 54 African countries, bringing electricity to Africa's most needy areas.
The total capacity of Infinity Power's operational projects is 1.3 GW, which equates to a reduction of more than 3 million tonnes of carbon emissions per year using conventional electricity generation. The company is also developing projects equivalent to 13.8 GW, which are at various stages of development.
Source: Diana Zaikova, Action Global Communications Bulgaria, 00359 885 074 422; 00359 885 614 131