The Greek Kopelouzo Group accelerates the development of the 4.2 billion electric connection. euros with Egypt, aiming to reach a final investment decision next year and start it in 2030, an executive in charge of the project told Bloomberg.

Known as “Gregy”, the undersea transmission line has attracted “intense interest” from European banks for possible financing, said the Ioannis Karydasmanaging director for renewable energy sources, energy storage and interconnections, in an interview in Athens.

As Bloomberg points out, in Greece they have increase investment in energy infrastructuresfrom LNG terminals to pipeline connections and power transmission lines. This is turning our country into import gateway to Europeas the continent seeks independence from Russian natural gas and plans to achieve net zero carbon dioxide emissions by 2050, the report said.

“Gregy” has been included in the list of energy projects of common and mutual interest of the European Union, which makes it eligible for grant up to 50% of construction costs. The manager of the Greek electricity grid IPTO said in November that it would consider investing in it.

The power link, which will consist of 4 cables stretching nearly 1,000 kilometers across the eastern Mediterranean, aims to bring electricity from a 9.5 gigawatt portfolio of wind and solar projects that Copelouzos will develop in Egypt as a separate project, pointed out Mr. Coconut.

1/3 of the electricity will be intended for Greek industrythe other 1/3 for transport to Bulgaria, Italy and then to other European countries and the rest for the Greek fuel production such as hydrogen and methanol for ships, according to the plans presented by the Group.

The project will have the ability to replace 4.5 billion cubic meters of natural gas per yearadded Mr. Coconut.

Wind and solar farms in Egypt will require investments of up to 8 billion. euros and the Greek Group aims at an international consortium of companies for their development.

It is noted that the memorandum of understanding has already been signed with Infinity Power – a joint venture between Egypt’s Infinity and Abu Dhabi’s Masdar.