Copelouzos and Infinity Power partner on Greece-Egypt power scheme

Holding Admie Ipto SA

17/05/2023 10:01

ATHENS, May 17 (Reuters) - Greece-based Copelouzos Group
has partnered with a joint venture from Abu Dhabi and Egypt to
examine the joint production of renewable energy that will reach
Europe via an Egypt-Greece power link scheme, it said on
Wednesday.
    Copelouzos seeks to build a 3-gigawatt undersea cable from
Athens to Egypt.
    The group said it has signed a memorandum of understanding
with Infinity Power, a joint venture between Abu Dhabi's Masdar
and Egypt's Infinity, to exchange expertise for the fast
development of the necessary renewable energy for the operation
of the Greece-Egypt cable. 
    "By supplying renewable energy to Europe, we are not only
bolstering our own economy but also positioning ourselves as a
key player in the global energy market," Infinity Power Chairman
Mohamed Ismail Mansour said in a statement.
    Greek power gird operator IPTO is also considering acquiring
a stake in the link, which is estimated to cost about 4 billion
euros ($4.40 billion).
    Greece-based Eunice Group also wants to build a 2 gigawatt
undersea power cable to link the Greek island of Crete to Egypt.
    Copelouzos and Eunice are both seeking European funding for
their projects. 
    ($1 = 0.9084 euros)

 (Reporting by Angeliki Koutantou; editing by Jason Neely)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))