The establishment of the special purpose company “Saudi Greek Interconnection” for conducting the feasibility study related to the implementation of the Greece-Saudi Arabia electricity interconnection was signed by the Chairman and CEO of IPTO Mr. Manos Manousakis and the CEO of National Grid Mr. Waleed Al-Saadi at a special event held at the Operator's headquarters in Athens.
The partnership between IPTO and National Grid, overseen by the Ministry of Energy and Environment of Greece and the Ministry of Energy of Saudi Arabia, reflects the strategic cooperation between Greece and Saudi Arabia in the energy sector, which was agreed at the highest level in the summer of 2022, during the visit to Greece by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud the Crown Prince and the prime minister of Saudi Arabia.
In the framework of this cooperation, the two Electricity National Transmission Grid Operators signed the Shareholders Agreement on September 27th, 2023 in Athens.
As set out in the Statute of "Saudi Greek Interconnection", the Greek IPTO and the Saudi National Grid will each hold a 50% stake in the special purpose company (SPV) “Saudi Greek Interconnection”.
The composition of the Board of Directors of the “Saudi Greek Interconnection” is as follows:
1. Waleed Al-Saadi, Chairman of the Board
2. Manos Manousakis, Chief Executive Officer
3. Abulaziz Almuhaiza, Financial Officer- Board Member
4. Khalid Alshammari, Board Member
5. Prokopis Mavronas, Board Member
6. Panagiotis Michalopoulos, Board Member
It is noted that technical teams formed by executives of IPTO and National Grid are already working on the maturation of the electrical interconnection and its design parameters, beginning with the assessment and analysis of the feasibility and commercial viability of the project.
IPTO Chairman and CEO and the CEO of the new Saudi Greek SPV Mr. Manos Manousakis, said: "The Greece-Saudi Arabia electricity interconnection is a very important project for Europe that can accelerate the Continent’s energy transition and provide access to new sources of clean energy. With the agreement we have signed with National Grid, the Saudi Greek Interconnection comes into being. This interconnection will further strengthen the energy corridors between the Middle East and Europe, in which IPTO has an active role, contributing to the energy transition of the wider region. Given the value of the Saudi Greek Interconnection for Asia and Europe's energy objectives, we aim to rapidly mature the interconnection and promote it as a Project of Common Interest for the EU."
National Grid CEO and Chairman of the Board of the new Saudi Greek SPV Mr. Waleed Al-Saadi, stated: "The Greece-Saudi Arabia electricity interconnection is a key project that epitomizes the strategic cooperation between the two countries in the energy field. The Saudi Greek electricity Interconnection which will interconnect for the first time Saudi Arabia with the European continent, is the beginning of strengthen the Kingdom and European interconnection towards energy transition and utilization of Renewable Resources as the two countries stressed the importance of strategic cooperation between them in a number of issues of common interest in the field of energy, including the generation of electricity using renewable energy, the establishment of the power grid, and the export of electricity produced using renewable energy to Greece, and to Europe via Greece. This project will enable the more effective use of renewable energy, access to sustainable electricity generation and improved security of electricity supplies. It will benefit the socio economy of both countries. We thank the team members of both sides for their efforts in the joint steps we have taken so far."