According to the announcement, the Memorandum provides for the establishment of a Committee to coordinate discussions, exchange information and conduct negotiations.
Through their cooperation, the parties will seek to leverage their expertise, experience and technical, commercial and financial know-how for the rapid development, implementation and successful operation of renewable energy projects.
The GREGY - Green Energy Interconnector project concerns the electrical interconnection of Egypt directly with mainland Greece via a 3,000 MW undersea cable and the possibility of two-way energy transmission.
The GREGY project will transport 100% green energy from Egypt to Greece and through Greece to Europe thus reducing Epirus' dependence on energy produced from fossil fuels.. Renewable energy projects of approximately 9.5 GW are needed to maximize the utilization of GREGY.
The Memorandum of Cooperation follows the agreement signed last year between the United Arab Emirates and Greece, during the visit of the Prime Minister of Greece Mr. Kyriakos Mitsotakis to Abu Dhabi, to establish an investment framework of 4 billion euros between ADQ , the Hellenic Development Bank (HDB) and the Hellenic Development Investment Bank (HEIB).
