The financing of the initial cost-benefit designs for the new Greece-Egypt electricity interconnection by the newly established financial mechanism REPowerEU of the European Union was agreed at yesterday’s working meeting in Cairo, by the President and CEO of the Independent Power Transmission Operator (IPTO), Mr. Manos Manousakis and the President and CEO of the Egyptian Electricity Transmission Company (EETC) Mrs. Sabah Mohamed Mashaly.
Following the progress made with regard to the financial part of the new international interconnection, the Managements of the two Operators, who met in an excellent climate for the second time in two months, agreed that the planning to start the project in less than one year is realistic. The fact that the European Union provides direct access to REPowerEU funds, which aims to support financing projects that contribute to reducing energy dependence on Russian fossil fuels and actually promote green transition, also contributes to this optimistic forecast.
At yesterday’s meeting, Mr. Manousakis and Mrs. Mashaly:
- Discussed thoroughly the plans and timelines for the development of Renewable Energy Sources in Egypt and jointly concluded that it is necessary to have green energy production channelled exclusively to Europe through the new interconnection.
- Agreed that the accompanying development projects of the Electricity Transmission Systems in Greece and Egypt should form part of the project of the new electrical interconnection.
- Stressed the necessity of creating “green corridors” both in Egypt and in various parts of Europe in order to fully utilize the produced renewable potential of Egypt and for the country to become a reliable, alternative source of energy for the European continent.
The Chairman and CEO of IPTO, Mr. Manos Manousakis, said:
“The Greece-Egypt electrical interconnection is part of the overall design of our international interconnections through which Greece is transformed into a critical energy hub in the Southeast Mediterranean. Our goal is the project to start shortly and we are working intensively in this direction, in excellent cooperation with the Egyptian Operator”.
It is reminded that yesterday, IPTO and the Group's subsidiary, Grid Telecom, signed in the Egyptian capital a new agreement with Telecom Egypt, aimed at the telecommunication interconnection of the two countries, through Crete.