Bloomberg: The Kopeluzou group “sees” the start of the electrical connection with Egypt in 2030

The Kopeluzu group accelerates its growth with the €4.2 billion ($4.3 billion), seeking to make the final investment decision next year and its start in 2030, said an executive, responsible for the project, according to a Bloomberg report. Known as Gregy, the proposed underwater connection line with Egypt has attracted “intense interest” from European banks in possible funding, said Ioannis Karydas, CEO for renewable energy sources, energy storage and electrical connections, in an interview with him in Athens. CORVERSE Investments in energy infrastructure from liquefied natural gas terminals to pipeline connections and electricity transmission lines have increased in Greece. This turns the Mediterranean nation into an import portal to Europe, as the continent seeks its independence from Russian gas and plans to zero clean carbon dioxide emissions by 2050. Gregy has joined the list of energy projects of common and mutual interest in the European Union, which makes it eligible for a grant of up to 50% of the construction costs. The administrator of the Greek electric network IPTO also said in November that he would consider investing in it. The connection, which will consist of 4 cables that will extend to nearly 1,000 kilometres (620 mi) long in the eastern Mediterranean, aims to transport electricity from a 9.5 gigawatt wind and solar power portfolio that Copelouzos will develop in Egypt as a separate project, said Karydas. One third of electricity will be intended for the Greek industry, one third for transport to Bulgaria, Italy and then to other European countries, and another third for Greek fuel production such as hydrogen and green methanol for ships, according to coconut. The project has the potential to replace 4.5 billion cubic metres of natural gas annually, he added. Wind and solar parks in Egypt will require investments of EUR 8 billion and Copelouzos aims at an international consortium of companies to develop them. A memorandum of cooperation with Infinity Power – a consortium between Egyptian Infinity and Abu Dhabi’s Masdar, said Karydas.