Infinity Power and Greek infrastructure investor Coupelouzos could jointly produce renewable energy in Egypt that would be sent to Europe via a planned electricity link, the firms said in a joint statement (pdf) yesterday. Under a recently signed MoU, the firms will enter talks and exchange expertise about the development of new renewable projects that would be linked to the planned 3-GW Greece-Egypt Interconnector (GREGY).

Who’s involved: Infinity Power is a JV between UAE’s Masdar and homegrown renewable player Infinity, while Copelouzos is working through its subsidiary companies Damco Energy and Elica Mediterranean Interconnection.

We first heard of this last year: Egypt said last year that it was working with Greece on a plan to add 9.5 GW of renewable power generation capacity to export power to Greece. Both sides said at the time the electricity would be generated by wind and solar plants and would be shipped across the Mediterranean via subsea cables.

This is all to shore up Europe’s energy security following the war in Ukraine:The project — slated to be one of the largest green energy projects in the East Mediterranean — will help “support Europe in its efforts towards achieving energy diversification and security,” said Copelouzos Group chairman and CEO Christos Copelouzos.

And there are benefits for Egypt: Infinity Power Chairman Mohamed Ismail Mansour called the initiative a “remarkable opportunity” for the country to develop its economy. “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,” he said.

REMEMBER- Work on GREGY has accelerated in recent months as the EU steps up its search for new energy supplies following Russia’s invasion of Ukraine. Prior to the war in Ukraine, the EU imported 40% of its gas from Russia, forcing it to go in search of new suppliers in the eastern Mediterranean, Africa and the Middle East.

WIND FARM FAST-TRACKED-

Cabinet hands Red Sea wind farm a golden license: Cabinet yesterday approved a goldenlicense to fast track work on the 500-MW Gulf of Suez wind farm being built by Orascom Construction, France’s Engie, and Japan’s Toyota Tsusho and Eurus Energy, it said in a statement following its weekly meeting. Projects with golden licenses only need to receive a single approval for everything from establishing the project, land allocation and building licensing, through to operation and management

REFRESHER- The USD 680 mn project — which is slated to become Africa’s largest wind facility when it begins operating at full capacity in 3Q 2025 — reached financial close last month. It is being financed by a syndicate of Japanese and French banks alongside DFIs the European Bank for Reconstruction and Development (EBRD) and the Japan Bank for International Cooperation (JIBC).

A wind plant for Scatec and Maersk’s green projects: Cabinet also approved requests by Norwegian renewables producer Scatec and Danish shipping giant Maersk to allocate a piece of land in the Gulf of Suez for a 320-MW wind farm that will power their green projects: a green hydrogen plant and a USD 15-bn clean fuel project.

Tags: