Athens, Greece – Greece and Egypt reaffirmed their commitment on Wednesday with an interconnection of submarine proposed electricity designed to transport renewable energy from North Africa to Europe.
Greek prime minister Kyriakos Mitsotakis and Egyptian President Abdel Fattah El-Sissi renewed the promise during conversations in Athens, after the signing of cooperation agreements in multiple sectors.
The 3,000 megawatt capacity cable planned will be extended almost 1,000 kilometers (620 miles) through the Eastern Mediterranean and has obtained the support of the European Union, which makes it eligible for significant financing of the EU.
“This will allow Greece and Europe to import low -cost energy, mainly wind energy, which can produce in a very competitive way, and export it to Europe,” Mitsotakis said during joint statements.
The project is expected to cost around 4 billion euros ($ 4.5 billion), in operation within five years, under an ambitious timeline established by both governments. Its objective is to transmit solar power and generated by the wind developed specifically for the project in Egypt, with the participation of the private sector led by the Greece Copelouz group.
El-Sissi stressed the strategic importance of the project. “It is not just a bilateral issue, it is a strategic regional project, since it creates a direct link that will extend to Europe through Greece,” he said. “We have the support of the European Union to this important initiative.”
The EU has expressed great interest in the expansion of energy associations with non -member countries to diversify their energy sources and reduce its historical dependence on Russian energy after the invasion of Ukraine of Russia in Ukraine in 2022.
Mitsotakis and El-Sissi also discussed regional security, migratory challenges and ways to deepen Egypt’s relationship with the European Union.
“Greece is a firm ally from Egypt, even in matters related to his country’s relationship with the European Union,” Mitsotakis said, underlining the role of Athens in the promotion of the closest ties of the EU-EGIPTO.
Conversations in Athens concluded agreements to explore additional energy cooperation, facilitate the expanded seasonal employment of Egyptian workers in Greece and improve collaboration between financial, defense and cultural sectors.
