GREGY: Greece–Egypt Green Energy Bridge to Bring Over €30 Billion in Benefits

Greece is set to play a leading role in Europe’s new energy geography through the GREGY project, an underwater interconnection linking the country with Egypt for the first time. According to Giannis Karydas, CEO of Renewables & Storage at the Copelouzos Group, the total benefit for the domestic electricity market over the next 25 years will exceed €30 billion, not including the multiplied gains from introducing low-cost green energy into the economy.

From 2031, wholesale electricity prices are expected to drop by approximately €21/MWh, strengthening the competitiveness of Greece’s energy mix and securing national supply. At the same time, imported green energy will accelerate the growth of renewables in Greece, while emissions reduction will support the country’s energy transition.

Elica, a company of the Copelouzos Group, is in the final stages of negotiations with the Egyptian government for a 50-year concession of 2,500 km² in northern Egypt, aiming to develop 7.2 GW of wind and 2.3 GW of solar PV. The region boasts excellent wind and solar resources with low investment costs, making it ideal for large-scale renewable energy projects.

The GREGY project is advancing rapidly. The tender for the contractor and the specialized vessel will be announced in 2026, with seabed surveys starting by the end of the year. Simultaneously, the environmental impact assessments are being prepared and technical specifications finalized, while funding is expected to receive additional support from European institutions. The final investment decision is scheduled for the end of 2027.

With a budget of €4.2 billion and a transmission capacity of 3,000 MW, GREGY will deliver 100% green energy. Part of this energy will meet the needs of Greek industry and data centers, another portion will be exported to the EU, and approximately one-third will be used for green hydrogen production.

GREGY aims to become the first green energy corridor between North Africa and Europe, strengthening Greece’s strategic position and opening new opportunities for the economy, energy security, and sustainable growth across the region.

Source: pagenews.gr