{"id":586883,"date":"2023-05-18T00:00:00","date_gmt":"2023-05-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/infinity-power-copelouzos-could-partner-on-renewable-energy\/"},"modified":"2023-05-18T00:00:00","modified_gmt":"2023-05-18T00:00:00","slug":"infinity-power-copelouzos-could-partner-on-renewable-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/infinity-power-copelouzos-could-partner-on-renewable-energy\/","title":{"rendered":"Infinity Power, Copelouzos could partner on renewable energy"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Infinity Power and Greek infrastructure investor Coupelouzos could jointly produce <\/span><span style=\"font-weight:700\">renewable energy in Egypt<\/span><span> that would be sent to Europe via a planned electricity link, the firms said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/05\/Infinity-GREGY-Copelouzos.pdf\" style=\"\">a joint statement (pdf)<\/a><\/span><span> yesterday. Under a recently signed MoU, the firms will <\/span><span>enter talks and exchange expertise <\/span><span>about the development of new renewable projects that would be linked to the planned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb41cd3c-8caa-4f64-8682-be3dbf55dd71\" style=\"\">3-GW Greece-Egypt Interconnector<\/a><\/span><span style=\"font-weight:400;\"> (GREGY).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who\u2019s involved:<\/span><span style=\"\"> Infinity Power is a JV between UAE\u2019s Masdar and homegrown renewable <\/span><span style=\"font-weight:400;\">player Infinity, while Copelouzos is working through its subsidiary companies Damco Energy and Elica Mediterranean Interconnection.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We first heard of this last year:<\/span><span style=\"\"> Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/174d0949-75cd-49ae-bb8d-6abd66ec4206\" style=\"\">said last year<\/a><\/span><span style=\"\"> that it was working with Greece on a plan <\/span><span style=\"font-weight:400;\">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. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This is all to shore up Europe\u2019s energy security following the war in Ukraine:<\/span><span style=\"font-weight:400;\">The project \u2014 slated to be one of the largest green energy projects in the East Mediterranean \u2014 will help \u201csupport Europe in its efforts towards achieving energy diversification and security,\u201d said Copelouzos Group chairman and CEO Christos Copelouzos.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And there are benefits for Egypt:<\/span><span style=\"\"> Infinity Power Chairman Mohamed Ismail Mansour called <\/span><span>the initiative a \u201cremarkable opportunity\u201d for the country to develop its economy. \u201cBy 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,\u201d he said<\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">Work on GREGY has accelerated in recent months as the EU steps up its search <\/span><span>for new energy supplies following Russia\u2019s invasion of Ukraine. Prior to the war in Ukraine,<\/span><span> the EU imported 40% of its g<\/span><span style=\"font-weight:400;\">as from Russia, forcing it to go in search of new suppliers in the eastern Mediterranean, Africa and the Middle East. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">WIND FARM FAST-TRACKED-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Cabinet hands Red Sea wind farm a golden license:<\/span><span style=\"\"> Cabinet yesterday approved a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d03b6507-b649-4f52-9d7b-1c4bdf41420a\" style=\"\">golden<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d03b6507-b649-4f52-9d7b-1c4bdf41420a\" style=\"\">license<\/a><\/span><span> to fast track work on the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e65bdd83-a3be-4bf7-a585-c8456ab845bd\" style=\"\">500-MW Gulf of Suez wind farm<\/a><\/span><span> being built by Orascom Construction, France\u2019s Engie, and Japan\u2019s Toyota Tsusho and Eurus Energy, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid08xTRRJbNXfRVTEsTH8ExhX2t42a9f7vzSwCFWjxDqZnKvJnkUo53BdzDyamfUMBKl\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\"> 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<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span style=\"\">The USD 680 mn project \u2014 which is slated to become Africa\u2019s largest wind <\/span><span>facility when it begins operating at full capacity in 3Q 2025 \u2014 reached financial close last month. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb00b86f-4ae5-481f-acaa-548cf1bebd96\" style=\"\">It is being financed<\/a><\/span><span style=\"font-weight:400;\"> 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).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A wind plant for Scatec and Maersk\u2019s green projects:<\/span><span style=\"\"> Cabinet also approved requests by <\/span><span>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 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\" style=\"\">green hydrogen plant<\/a><\/span><span> and <\/span><span>a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cca9f0fa-7d56-4a59-96e2-7b21beb9e915\" style=\"\">USD 15-bn clean fuel project<\/a><\/span><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renewable energy would be sent to Europe via the proposed GREGY connector<\/p>\n","protected":false},"author":1,"featured_media":586884,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[2352,244,93,72,2917,4952,7111,665,151,573,7081],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-copelouzos","tag-electricity","tag-energy","tag-enterpriseam","tag-golden-licenses","tag-infinity-power","tag-infrastructure","tag-maersk","tag-renewables","tag-scatec","tag-wind-power","wpautop","entry"],"acf":{"mongo_id":"8ccd61bd-6141-4081-89b7-aea81f211048","is_powered_by":false,"story_type":"1","photo_url":"http:\/\/enterprise.press\/wp-content\/uploads\/2021\/12\/electricity-energy.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Infinity Power, Copelouzos could partner on renewable energy","related_issue":[586869],"teaser":"Renewable energy would be sent to Europe via the proposed GREGY connector","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.e7a38d4e-4f66-45c6-af6f-ceb9bfd70628.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Plus: Private sector solar tender coming?","author":"enterpriseam admin","date":"4 September 2022","format":false,"excerpt":"Egypt and Greece are working on a plan to add 9.5 GW of renewable power generation capacity in Egypt for export to Greece, according to an Ittihadiya statement Thursday. The electricity would be generated by wind and solar plants and would be shipped across the Mediterranean via subsea cables, the\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/107.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581394,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/09\/copelouzos-co-close-to-finalizing-studies-for-greece-egypt-electricity-link\/","url_meta":{"origin":586883,"position":1},"title":"Copelouzos + co. close to finalizing studies for Greece-Egypt electricity link","author":"enterpriseam admin","date":"9 February 2023","format":false,"excerpt":"GREGY is advancing: The consortium behind the 3-GW Greece-Egypt Interconnector(GREGY) is putting together the final technical and financial surveys ahead of a financial investment decision, Greek outlet eKathimerini reported yesterday. John Karydas, the CEO of the renewables unit of Copelouzos \u2014 which together with Samaras Group is drawing up plans\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/electricity-energy.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549448,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/18\/gregy-egypts-rumored-world-cup-bid-get-attention-internationally\/","url_meta":{"origin":586883,"position":2},"title":"GREGY + Egypt\u2019s rumored World Cup bid get attention internationally","author":"enterpriseam admin","date":"18 September 2022","format":false,"excerpt":"On a slow morning in the foreign press, Egypt and Greece\u2019s 3 GW electricity interconnector is getting the most attention: Euronews and Africa News are both looking at the EUR 3.5 bn GREGY project, which will supply Europe electricity as it transition away from Russian fossil fuels amid a historic\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546888,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/the-war-in-ukraine-is-accelerating-plans-to-link-our-electricity-grid-to-greece\/","url_meta":{"origin":586883,"position":3},"title":"The war in Ukraine is accelerating plans to link our electricity grid to Greece","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"Plans to link our electricity grid with Greece could move faster after the shunning of Russian fossil fuels: The Greek developer of a proposed direct link between the electricity grids of Egypt and Greece expects the EU to accelerate the project as the bloc looks to transition away from Russian\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579331,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/us-contractor-mcdermott-to-work-on-greece-africa-power-interconnector\/","url_meta":{"origin":586883,"position":4},"title":"US contractor McDermott to work on Greece\u2013Africa Power Interconnector","author":"enterpriseam admin","date":"2 February 2023","format":false,"excerpt":"Another Greece-Egypt electricity interconnector is in the works: The US contractor McDermott has signed an MoU with Greek renewables company Eunice Energy Group to work on a 2-GW interconnector that will link Greece and Egypt\u2019s electricity grids, according to a joint statement. 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