Greece and Egypt to have an Undersea Electricity Interconnection

(3 Minutes Read)

The planned 3,000-megawatt capacity cable will stretch nearly 1,000 kilometers (620 miles) across the eastern Mediterranean and has secured backing from the European Union, making it eligible for significant EU funding.

Greece and Egypt reaffirmed their commitment to a proposed undersea electricity interconnection to transport renewable energy from North Africa to Europe.

Greek Prime Minister Kyriakos Mitsotakis and Egyptian President Abdel Fattah el-Sissi renewed the pledge during talks in Athens, following the signing of cooperation agreements across multiple sectors.

The planned 3,000-megawatt capacity cable will stretch nearly 1,000 kilometers (620 miles) across the eastern Mediterranean and has secured backing from the European Union, making it eligible for significant EU funding.

This will allow both Greece and Europe to import low-cost energy, primarily wind energy, which you are able to produce very competitively, and export it to Europe, Mitsotakis said during joint statements. The project, estimated to cost around 4 billion euros (USD 4.5 billion), is expected to become operational within five years, under an ambitious timeline set by both governments.

It aims to transmit solar and wind-generated power developed specifically for the project in Egypt, with private sector involvement led by Greece’s Copelouzos Group.

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The EU has expressed strong interest in expanding energy partnerships with non-member countries to diversify its energy sources and reduce its historic dependence on Russian energy following Russia’s invasion of Ukraine in 2022.