There was a number of exercise just lately within the mega challenge of the Greece-Egypt electrical interconnection (GREGY), which is run by the Kopelouzou group, each on a technical and a political degree.
Specifically, this weekend, the cable might be on the middle of the work of the joint EU-Egypt funding discussion board (EU-Egypt Funding Convention) by which Mr. Dimitris Kopelouzos has been invited to current the funding.
The convention
Within the convention, which might be attended by the president of Egypt, Mr. Abdel Fattah El-Sisi and the president of the European Fee, Mrs Ursula von der Leyenin addition to one other 1,000 individuals _ together with representatives of economic establishments and heads of huge funding teams and funds _ might be contacted for challenge financing throughout the framework of Europe’s cooperation with the African nation.
Funding curiosity
So far as GREGY is worried, as reported by competent sources, the variety of worldwide “gamers” expressing curiosity in getting into the shareholding base of ELICA (a subsidiary of the Kopelouzo group that develops the Greece-Egypt cable) has been growing currently.
Nonetheless, the procedures for increasing the shareholder composition of the challenge implementing physique are already underway, with ADMIE finalizing its funding proposal for its participation with a share of as much as 33.3%, whereas the curiosity of its Supervisor is corresponding of the Egyptian Electrical energy Transmission System EETC, with which an MoU has additionally been signed.
In any case, the challenge is supported by the Greek and Egyptian governments, but additionally by the European Union, which promote the speedy implementation of the challenge. The electrical cable has been included within the checklist of EU Initiatives of Mutual Curiosity (PMI) which incorporates these connecting Europe with third international locations. It’s no coincidence that ELICA’s administration was invited by the Fee to current {the electrical} interconnection challenge on the EU-Egypt funding convention, by which numerous funding agreements with European firms in addition to bilateral cooperation agreements with the EU are anticipated to be signed.
The whole price range of GREGY is estimated at round 12 billion euros, an quantity that features the price of constructing the cable which can transport 3 GW of inexperienced vitality from Africa to Europe, by way of Greece, but additionally the 9.5 GW of Renewable Vitality Initiatives ( RES) that may produce clear vitality.
Challenge research
Within the meantime, the processes on the technical degree for the implementation of {the electrical} interconnection are progressing. Subsequent week it’s anticipated that the brief checklist of potential traders might be introduced who will then be invited to submit binding presents for the required “Workplace Research” in regards to the finalization of the optimum selection of the route of the submarine cable and the mooring factors within the two international locations, on technical evaluation of the challenge and the cost-benefit evaluation research for the interconnection challenge. A complete of 24 firms have expressed curiosity thus far, of which 4 to 5 are anticipated to qualify.
The development of the required RES
For the manufacturing of the “inexperienced” vitality that might be transported via the cable, a Memorandum of Cooperation has been signed between Infinity Energy (a three way partnership of Masdar of the United Arab Emirates and the Egyptian Infinity), DAMCO Vitality and ELICA for the joint improvement of RES initiatives with a capability of 9 .5 GW, which continues to be in place. In actual fact, discussions are at present being held on the memorandum to ensure that the 2 sides to achieve a ultimate settlement.
On the identical time, there may be an settlement between Infinity Energy, the “father or mother” Masdar and Hassan Allam Utilities with the federal government of Egypt to grant land with the intention to construct wind farms with a capability of 10 GW and a price range of greater than 10 billion {dollars}.
Supply: ot.gr
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