MAROUSSI, Greece — Earlier this month, Copelouzos Group subsidiaries Damco Energy and Elica Mediterranean Interconnection signed a memorandum of understanding (MoU) on renewable energy projects in the eastern Mediterranean Sea with Infinity Power.
The latter is a joint venture between Masdar (Abu Dhabi Future Energy Co.) and Egypt’s Infinity. The MoU relates to the proposed Green Energy Interconnector (GREGY) project, which involves an electrical interconnection between Egypt and mainland Greece through a 3,000-MW capacity submarine cable and a possible bidirectional energy transmission.
GREGY would transport energy supplies onward through Greece into other countries in Europe.
The MoU follows an agreement signed last year between the UAE and Greece, during a visit by Kyriakos Mitsotakis, Prime Minister of Greece, to Abu Dhabi.
Infinity Power is pursuing power generation projects through renewable energy source such as solar and wind. Copelouzos Group is one of the largest investment groups in Greece, with interests in energy projects, natural gas, power plants and other sectors.