The Egypt-Greece electricity interconnection project of ELICA SA - a Copelouzos Group company, was presented at the UN World Conference on Climate Change COP27

The landmark Egypt-Greece Electricity Interconnection Project (GREGY), which is being developed by the Copelouzos Group company ELICA SA, was unveiled during the UN World Climate Change Conference COP 27 in Sharm el-Sheikh, Egypt. The presentation of the project was carried out under the auspices of the Greek Ministry of Environment and Energy and with the participation of the Minister of Environment and Energy of Greece Kostas Skrekas, the Minister of Energy of Bulgaria Rosen Hristov and Harry Boyd-Carpenter, Managing Director of the Climate Strategy of European Bank for Reconstruction and Development (EBRD).

The event took place in the pavilion of the European Commission in the presence of a number of dignitaries, ministers, ambassadors and secretaries general. The CEO of Copelouzos Group's renewables and energy storage business unit, John Karidas, presented the progress of the Egypt-Greece electricity interconnection project and highlighted the many environmental benefits of the project, which fully reflects European "greener" energy goals.

"With fast but careful planning that takes into account all the parameters of such a geopolitically complex project, Copelouzos Group company ELICA is preparing a huge investment in the field of green energy, which will lead to changes in the energy map of South-Eastern Europe", Karidas pointed out.

The electrical interconnector connection between Egypt and Greece will be carried out through an underwater cable with a length of about 950 km and will have the possibility of transferring electrical energy in both directions. The project is of particular importance and high priority for Europe, with a key role in the formation of the new energy map of the wider region, which is undergoing transformation in the context of the current geopolitical situation and the energy crisis.

The GREGY-Elica interconnector is being developed with a budget of 3.5 billion euros and is crucial for energy independence from fossil fuels and natural gas. The submarine cable that will connect the two countries will carry 100% green, clean and cheap energy.

According to the project, nearly 3000 MW of green energy will be transported by means of the submarine cable from Egypt to Greece. These quantities will be generated by 9.5 GW of renewable energy sources (RES) that Copelouzos Group will build and operate in Egypt, thereby replacing around 4.5 billion cubic meters of natural gas per year. This will reduce CO2 emissions by 10 million tonnes per year.

The Egypt-Greece interconnector is fully aligned with the European Union's strategy to transition to green energy and achieve zero CO2 emissions by 2050, while contributing to positioning Greece as a key green energy hub in the wider region of the Southeast Mediterranean. The GREGY project is a flagship for South-Eastern Europe and fully supports the EU's policy of creating green energy corridors between North and South, connecting the electricity systems of Europe and North Africa.

About Copelouzos Group:
The main business areas for Copelouzos Group, Greece are the energy sector (natural gas, production and trading of electricity and renewable energy sources), project management, facility management and outdoor advertising. Concessions represent another important business sector of the Group, with the most significant site being the Athens Metropolitan Exhibition Center, located near the Athens International Airport. The group has a strong and diversified portfolio of strategic investments such as infrastructure projects, the most important of which are the Athens International Airport and the development and management of 14 Greek regional airports. The group also has a significant position in terms of real estate assets, owning one of the largest companies in this sector in Greece.

Source: Action Global Communications Bulgaria