Filenews 22 March 2023
By Harry Floudopoulos
An important project which, according to its initiators, is not only economic but also has a geopolitical dimension, is promoted by the Greek energy company Eunice. This is the Greece Africa Power Interconnector (GAP) project that aspires to take advantage of the high demand for the export of cheap electricity from RES from Egypt to Europe. As the CEO of GAP, former US Senator Andreas Borgeas, pointed out, Greece is emerging as an important geopolitical factor not only as an energy hub but also as a geopolitical partner of the United States.
It is noted that in the project that promotes energy security, energy transition and diversification of energy supply, there is already active involvement of American companies such as the company Mc Dermott, with which a memorandum of cooperation has been signed for the design and construction supervision of the project. Also, as Mr. Borgeas mentioned, the consortium is in discussions with French companies that are also interested in getting involved in the project.
Who is GAP
The Greece Africa Power Interconnector is an electrical interconnection that aims to transport renewable energy from Egypt to Crete and then to the mainland system of Greece. Two DC cables with a capacity of 2000MW will transport the generated energy from Matruh, Egypt, to Atherinolackos, Crete, with a projected length of 450 km. The interconnection is expected to reach a depth of 3500 meters in the Herodotus basin in Egypt and 4445 meters off Crete. The cost is projected to reach 1.3 billion. According to the company's representatives, it can be covered by market funding as it is a competitive and sustainable project.
GAP has secured a letter of support from the Greek government in 2020 in order to apply for inclusion in the EU's Projects of Common Interest (PCI). It is also nominated as an EU Project of Common Interest (PMI).
We are not competitive with Gregi
Both Greece and the United States align themselves in the view that our country has the ideal position to emerge as an energy hub in Anne. Mediterranean and Southeastern Europe, Mr. Borgeas said, stressing that the GAP project is not in competition with other projects such as the Gregi interconnection promoted by the Copelouzos Group. Our competition concerns only Brussels where many projects from other countries compete to secure PCI status which entails facilitations in licensing and financing, stressed the CEO of GAP, adding that the project does not need the financing of projects of common interest as it is in itself commercially viable, but this would be welcome if it arises.
He stressed that GAP is the candidate interconnection project that complies with international law as most of it has been engraved within the EEZ of Greece and Egypt, as requested by the Community authorities.
It is worth noting that according to Mr. Borgeas, GAP is open to the possibility of cooperating with other similar projects of electrical interconnections.
Finally, as far as funding is concerned, according to the CEO of the project, it is a commercially competitive project for which interest in participating in it has already been expressed by large investors.
Source: Capital.gr
