GREGY

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 Greek "Copelouzos Group" participated in the event "Energy Interconnection Europe-Egypt", organized by the Permanent Representation Office of the European Union in Cairo and the Swedish Embassy under the Swedish Presidency of the Council of the EU. John Karidas, CEO of Copelouzos Group's RES business unit, presented the key benefits and opportunities that the commissioning of the Egypt-Greece GREGY electricity connection will open up for Egypt and Greece, as well as for Europe as a whole.

The President of Egypt, Abdel Fattah El-Sisi, met with the CEO and founder of the Greek Copelouzos Group, Dimitris Copelouzos, to discuss the implementation of the Egypt-Greece electricity connection, which will improve energy connectivity and diversification in the region.

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.

Greece aims to become a hub for the transfer of electricity produced by renewables in Africa and the Middle East to Central and Western Europe, amid a drive by governments to cut dependence on Russian fossil fuels. The idea is that green energy corridors will replace the pipelines that cross the continent from east to west and from north to south. The new sources of green energy for Europe lie in the south and across the Mediterranean Sea, in North Africa and the Middle East, and the route to Europe runs through Greece.