Greece and Egypt confirm intentions for a 1,000-kilometer submerged electrical connection
Read Ahead: Greece and Egypt seal deal on undersea electricity link for green energy
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Greece and Egypt have agreed to proceed with an ambitious plan to create an undersea electricity connection, accelerating the transfer of renewable energy from North Africa to Europe. Here's the lowdown on this groundbreaking collaboration:
The Green Energy Linkup
Prime Minister Kyriakos Mitsotakis and President Abdel Fattah el-Sissi of Egypt confirmed their commitment to this transformative project during talks in Athens, following the signing of various cooperation agreements across multiple sectors.
This colossal underwater cable, with a 3,000-megawatt capacity, will span nearly 1,000 kilometres under the Mediterranean Sea. It has already gained significant backing from the European Union, positioning it to receive substantial funding from the bloc.
Mitsotakis explained, "This partnership will empower Greece and Europe to import affordable low-cost energy, specifically wind energy that Egypt can competitively produce".
Egypt, equipped with vast deserts and consistent sunlight, is poised to harness solar and wind energy exclusively for this endeavour, with involvement led by Greece's Copelouzos Group.
Why It Matters
El-Sissi emphasized the strategic importance of this project, stating, "This isn't merely a bilateral concern - it's a strategic regional undertaking, as it establishes a direct connection that will eventually extend to Europe via Greece".
"We count on the European Union's support for this major initiative," he continued.
The EU has demonstrated strong interest in expanding energy partnerships with non-member countries to diversify its energy sources and lessen its reliance on Russian energy in the face of global geopolitical shifts.
Looking Ahead
Mitsotakis and el-Sissi also discussed regional security, migration challenges, and prospects for strengthening Egypt's ties with the European Union. The concluding agreements involve exploring additional energy cooperation, facilitating expanded seasonal employment of Egyptian workers in Greece, and bolstering collaboration across financial, defence, and cultural sectors.
Enrichment Data:
Funding
- Estimated Cost: The project is estimated to cost around €4 billion ($4.5 billion) [1][3]
- Backers: The European Union is providing substantial funding for the project, with the European Bank for Reconstruction and Development (EBRD) involved in funding initial studies [1][4]
- Private Sector Involvement: Greece's Copelouzos Group is spearheading private sector participation in collaboration with Egyptian entities to develop and implement the project [3]
Timeline
- Implementation Stage: The project aims to become operational within five years under an ambitious timeline set by both governments [1][3]
- Studies and Preparation: Typically, feasibility studies last for at least 18 months, and approximately 3 years are required for implementation after they have been completed [5]
- Ambitious Timeline: Maintaining this aggressive timeline will be crucial for both countries and their partners due to the project's strategic nature and complexity
Strategic Importance
- Energy Diversification: The project is part of a broader EU strategy to diversify energy sources, aiming to reduce dependence on Russian energy in response to global events [1]
- Regional Impact: The connection will boost regional energy security and cooperation, establishing a direct energy link between Egypt and Europe via Greece [1][2]
- Carbon Footprint Reduction: The green energy corridor is projected to reduce natural gas consumption by 4.5 billion cubic meters and save around 10 million tonnes of carbon dioxide emissions per year [4]
- Bilateral and Multilateral Benefits: Beyond energy benefits, the project will strengthen bilateral cooperation between Greece and Egypt and support regional projects with broader implications for European security and sustainable development.
- The undersea electricity link between Greece and Egypt, with a capacity of 3,000 megawatts, is being backed substantially by the European Union, with the Copelouzos Group leading private sector involvement.
- President Abdel Fattah el-Sissi of Egypt reaffirmed the strategic importance of this project, stating it will extend to Europe via Greece, establish a direct connection, and contribute to energy diversification.
- Prime Minister Kyriakos Mitsotakis explained that the partnership will enable Greece and Europe to import affordable low-cost energy, mostly wind energy from Egypt.
- Beyond energy benefits, this project is expected to strengthen bilateral cooperation between Greece and Egypt, and support regional projects with broader implications for European security and sustainable development, potentially reducing carbon dioxide emissions by around 10 million tonnes per year.
