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Infinity Power Partners with Copelouzos Group to Develop Renewable Energy Projects

An MoU has been signed to access, on a non-exclusive basis, the possibility of jointly developing renewable energy projects that will provide GREGY electrical interconnection with a source of green energy.

May 18, 2023. By Anurima Mondal

Copelouzos Group, through its subsidiary companies Damco Energy and Elica Mediterranean Interconnection, has joined hands with Infinity Power, a joint venture between Abu Dhabi’s Masdar and Egypt’s Infinity.

A Memorandum of Understanding has been signed in order to access, on a non-exclusive basis, the possibility of jointly developing renewable energy projects that will provide GREGY electrical interconnection with a source of green energy.

The GREGY – Green Energy Interconnector project involves the electrical interconnection of Egypt directly with mainland Greece through a submarine cable of 3,000 MW capacity and the possibility of bidirectional energy transmission. The GREGY project will carry 100 percent green energy from Egypt to Greece, and through Greece to Europe, thus making a decisive contribution in tackling climate change and the greenhouse effect by significantly reducing CO2 emissions.

The necessary renewable energy projects with a capacity of around 9.5 GW shall be required to maximise the utilisation of GREGY. The project will provide alternative clean and renewable energy sources and routes for Europe, thereby reducing the continent’s dependency 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 seek to make use of their expertise, experience and technical, commercial and financial know-how, for the swift development, implementation and successful operation of the renewable energy projects.

The MoU follows the agreement signed last year between the UAE and Greece, during His Excellency Kyriakos Mitsotakis, Prime Minister of Greece, visit to Abu Dhabi, to establish an investment framework worth 4 billion Euros, between ADQ and both of the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI).

Mohamed Ismail Mansour, Chairman, Infinity Power, said, “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. This project is a remarkable opportunity for Egypt to benefit through economic development and revenue growth. The project will also enhance the country’s energy security and be a key venture in promoting international cooperation. By supplying renewable energy to Europe, we are not only bolstering our own economy but also positioning ourselves as a key player in the global energy market. This project aligns perfectly with our vision for a sustainable future for the world.”

Christos Copelouzos. Chairman and CEO of Copelouzos Group commented, “We are happy to enter into a Memorandum of Understanding 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. In this way we can support Europe in its efforts towards achieving energy diversification and security and bringing earlier the attainment of Fit-55 and elimination of CO2 emissions targets.”

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Memorandum of Understanding

Greece

Egypt Greece Subsea Transmission Project