Copelouzos, Infinity Power mull joint action for Egypt-Greece link

Greek investment group Copelouzos and Infinity Power, jointly-owned by Egypt’s Infinity and Abu Dhabi-based Masdar, will be assessing the opportunity of co-developing projects to supply renewable power to Europe via a planned Egypt-Greece subsea transmission project.

The companies said in a statement on Wednesday that they entered a memorandum of understanding (MoU) outlining this non-exclusive opportunity. On Copelouzos’ side, the pact was signed by its subsidiaries Damco Energy and Elica Mediterranean Interconnection.

The Copelouzos Group is behind the 3-GW subsea transmission project known as GREGY, which involves the installation of a 950-km submarine cable to carry electricity from roughly 9.5 GW of renewables to be deployed in Egypt, to Greece, and through Greece to the rest of Europe. GREGY will be the means through which the jointly considered renewable energy projects will feed their output to European grids.

The newly-signed MoU calls for the creation of a three-member steering committee to coordinate discussions, exchange information and conduct negotiations in relation to the plan.

“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 press statement reads.

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