The European Commission wants to see clear progress in Egypt’s RES development plan before committing to any financial support for the Greek-Egyptian GREGY Interconnector, a 3.5 billion-euro project being promoted by Elica, a subsidiary of the Copelouzos group, reliable sources have informed energypress.
Brussels has informed all parties involved in the GREGY Interconnector of its prerequisite for funding support, the sources noted.
Europe needs green energy, which is why the European Commission is backing Egypt’s electricity interconnection with Greece, but investment plans for the development of RES projects in Egypt need to proceed and this progress should be reflected and confirmed by concrete data, the sources informed.
European officials consider the GREGY Interconnector to be feasible as the cost of green energy in Egypt is much lower and EU demand for low-priced electricity is high.
However, the European Commission is also taking into account Egypt’s slow development of electrified RES projects, totaling just 6 GW, a modest figure given the country’s size and rich solar and wind energy potential. Greece, a far smaller country, has so far amassed almost double the capacity of operating RES facilities, currently offering 10 GW.
Egypt, according to the country’s official energy strategy, plans to develop RES projects with a total capacity of 61 GW by 2035. Brussels will be waiting to see clear signs of this plan’s implementation.