Egypt is set to play a key role in a major new energy project as Copelouzos Group, a leading Greek energy company, accelerates the development of its €4.2 billion ($4.3 billion) undersea power link with Greece. The project, named Gregy, will connect Egypt’s vast renewable energy resources to Greece and, eventually, Europe. The link is expected to help Egypt become a major energy exporter and contribute significantly to the region’s green energy transition.
The ambitious project will consist of a 1,000-kilometer (620-mile) undersea transmission line that will carry electricity generated by a massive 9.5 gigawatt portfolio of wind and solar energy projects that Copelouzos plans to develop in Egypt. With Europe increasingly looking for clean, reliable energy sources, Egypt’s renewable energy potential is set to become a key part of the continent’s efforts to reduce its dependency on Russian gas and meet ambitious carbon-neutral targets by 2050.
According to Ioannis Karydas, CEO of renewables, energy storage, and interconnections at Copelouzos, the project has already drawn significant interest from European financial institutions. These banks are eager to invest in the project, which is viewed as a critical link between Egypt and Europe’s future energy grid. Karydas emphasized the strategic importance of Egypt in this initiative, with its vast desert lands ideal for solar power generation and strong wind resources making it one of the world’s most promising locations for renewable energy projects.
The Gregy project will provide several benefits for Egypt, including the development of substantial new infrastructure in the country. The 9.5 gigawatts of renewable energy produced will not only help meet domestic demand but will also be used to export electricity to Europe through Greece. This will position Egypt as a key player in the Mediterranean energy market, opening up new economic opportunities and strengthening its position in global energy markets.
Furthermore, the electricity generated from the project will support the creation of green fuels in Greece, including hydrogen and green methanol, which will be used in shipping — a major sector for Egypt’s economy. The link is also expected to replace around 4.5 billion cubic meters of natural gas annually, offering a significant environmental benefit.
The renewable energy parks in Egypt, part of Copelouzos’ development plans, will require investments totaling up to €8 billion. To manage these investments, Copelouzos is aiming to form an international consortium of companies, with a memorandum of understanding already signed with Infinity Power, a joint venture between Egypt’s Infinity and Abu Dhabi’s Masdar. This partnership will bring together international expertise to help realize Egypt’s energy potential.
Egypt is rapidly positioning itself as a major player in the global renewable energy market, and the Gregy project further cements its role as a critical energy supplier for both Greece and Europe. With this project, Egypt stands to enhance its energy infrastructure, contribute to regional energy security, and increase its status as a key energy hub in the Mediterranean.