Egypt and Greece have signed an agreement to finalise the technical and economic feasibility studies for an electricity interconnection project aimed at exporting up to 3,000 megawatts (MW) of power to Europe via the Greek grid, Egypt’s electricity ministry said.
The signing of the tripartite agreement was witnessed via video conference by Egyptian Minister of Electricity and Renewable Energy Mahmoud Essmat and his Greek counterpart Thanos Papastavrou.
The deal was signed between the Egyptian Electricity Transmission Company (EETC), the Greek Independent Power Transmission Operator (IPTO), and Elika, a subsidiary of the Greek Copelouzos Group, which is implementing the project.
“There is a strategic direction to support and strengthen electricity interconnection projects and integration with the networks of neighbouring countries. The interconnection project with Greece is of great importance for achieving sustainable development and falls within a broader strategy for interconnection with the European electricity grid to make Egypt a regional energy exchange centre and a bridge for electricity transmission between the three continents,” Essmat told Daily News Egypt during the occasion.
According to Essmat, the Egyptian and Greek governments are eager to complete the project, which the Egyptian Minister described as an important gateway for the link between Egypt and Europe. He also emphasised the significance of electricity interconnection in supporting the energy mix, particularly renewables, which will bring economic benefits to the countries and parties involved.
The project is of strategic importance as a bridge for transmitting clean energy from Egypt to the European Union (EU), which has included it in its list of electricity interconnection projects funded by the regional bloc.
The pact comes weeks after the announcement of a sweeping plan by the Egyptian Ministry of Planning, Economic Development, and International Cooperation, under which the ministry will target large-scale investments and significant advancements in renewable energy for the 2025/2026 fiscal year. The plan has allocated EGP 136.3 billion (about USD 2.8 billion) to drive Egypt’s energy diversification, grid expansion, and regional leadership as a power hub.