The emblematic Gregy project (Greece–Egypt Interconnector), developed by the Copelouzos Group, enters a new phase of implementation, as the commitment of land in Egypt for the installation of Renewable Energy Sources (RES) that will supply the electricity interconnection between Greece and Egypt has been completed.
Specifically, 2,500 square kilometers have been secured in northern Egypt, where projects with a capacity of 9 GW will be developed, of which 70% wind and 30% photovoltaic.
This development is considered a key step for the maturation of the project, as it ensures the location and energy efficiency of the system that will supply the submarine high voltage cable (HVDC).
100% green energy to Europe
The energy that will be transported through Gregy will be 100% green, at a cost of approximately 20 euros/MWh lower than the current prices of the European wholesale market, providing a strong competitive advantage to the Greek and European electricity market.
The project provides for the transfer of up to 3 GW of clean energy from Egypt to Crete and through it to the Greek Electricity Transmission System, being the first large-scale energy "bridge" between Europe and Africa.
Strategic cooperation between Greece and Egypt
Gregy is part of the bilateral strategic energy cooperation between Greece and Egypt, with the support of the two governments.
The renewables installed in Egypt will produce energy exclusively for export to Europe, making Greece a gateway for African green energy into the European system.
Copelouzos Group, with a strong presence in energy and infrastructure projects, has assumed the role of investor and developer body, in collaboration with Egyptian and international partners.
Timeline and next steps
The project is expected to be completed in the period 2030–2031, provided that the permitting, financing and construction schedules are met.
The next phase includes the completion of the environmental studies, the approval of the cable alignment and the finalization of the financing schemes, for which there is already strong international interest.
With the implementation of Gregy, Greece will gain access to cheap, large-scale green energy, which will strengthen the competitiveness of the industry and accelerate Europe's green transition.
A key project for Europe's energy future
Gregy is emerging as a landmark project for the EU's new energy landscape, creating a low-cost green "highway" connecting Africa with Southern Europe.
With 9 GW of installed capacity in Egypt and Greece at its core, the project is a pillar of energy security and sustainability at a time when Europe is looking for resilient, clean energy sources.
