Greece and Egypt signed on Thursday an agreement that sets the stage for an undersea cable that will transmit power produced by renewables from North Africa to Europe, to become the first such infrastructure in the Mediterranean.
The deal was signed by Greek Energy Minister Kostas Skrekas and his Egyptian Electricity Minister Mohamed Shaker at a ceremony in Athens.
Greek Energy Minister Kostas Skrekas (left) and his Egyptian counterpart, Mohamed Shaker
“Such an interconnection it’s a win-win for both Greece, Egypt and the European Union”, Minister Skrekas said.
The project will help build an Eastern Mediterranean energy corridor and improve security of energy supply in the region, the minister added.
“The interconnection of transmission networks between our two countries represents a bold strategic initiative,” Greek Prime Minister Kyriakos Mitsotakis tweeted on Thursday.
He added that the agreement “secures the flow of green energy and enhances Europe’s energy security.”
The Memorandum of Understanding signed today by Greece and Egypt secures the flow of green energy and enhances Europe’s energy security. The interconnection of transmission networks between our two countries represents a bold strategic initiative.
— Prime Minister GR (@PrimeministerGR) October 14, 2021
The Greek-Egyptian memorandum of understanding establishes a high-level working group of senior officials, representatives of the power grid operators, as well as energy regulators.
The group will examine means and financing for the implementation of the project and facilitate the timely granting of permits and approvals, necessary the feasibility studies, Skrekas noted.
“We are at the beginning of an important project and I am sure we will all make our best to see it succeeding as soon as possible.” he said.
“The electrical interconnection between Egypt and Greece will achieve … a well-connected network across the Eastern Mediterranean”, Egyptian Minister Shaker said.
The project will enhance the penetration of green energy in the European Union’s power generation mix, he added.
The agreement further bolsters ties between Greece and Egypt, which signed an accord in 2020 on their maritime boundaries, giving them rights over natural resources.
