By:Ekathimerin

A grant agreement between the European Bank for Reconstruction and Development (EBRD) and Elica Interconnector, a member of the Copelouzos Group, for financing the initial studies of the Egypt-Greece Electricity Interconnection (GREGY) Project, was signed on Wednesday in Athens.

According to Elica, the GREGY Project interconnects the electric power systems of Egypt and Europe through Greece for the transfer of 100% clean energy produced from renewable energy sources in Egypt, capturing the high-capacity factors in the area, which will be used for consumption by Greek industry, for the production of green H2 in the country and for export to European countries.

The project, according to Elica, shows the strategic direction in which Europe must move today in the context of its energy independence from fossil fuels and Russian natural gas, as well as the achievement of the goals for dealing with the climate crisis.