We might be looking at a potential line-up for GREGY: Infinity Power — a JV between UAE’s Masdar and Egyptian renewable player Infinity — signed an MoU with Greece-based Copelouzos Group to explore the feasibility of jointly developing renewable energy projects to supply energy to the 3 GW Greece-Egypt Interconnector (GREGY), according to a joint statement (pdf). Copelouzos Group will work on the projects through its subsidiary companies Damco Energy and Elica Mediterranean Interconnection.

We first heard of this big renewables plan last year: Egypt and Greece said they were working on a plan to add 9.5 GW of renewable power generation capacity in Egypt for export to Greece last September. 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. They did not provide details on who is taking part in the wind and solar plants, the cost of the project, and where the funds for the project will come from.

What they said: “By 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,” Infinity Power Chairman Mohamed Ismail Mansour said. Copelouzos Group Chairman and CEO Christos Copelouzos said the project — slated to be one of the largest green energy projects in the East Mediterranean — will help “support Europe in its efforts towards achieving energy diversification and security and bringing earlier the attainment of Fit-55 and elimination of CO2 emissions targets.”

About GREGY: The planned electricity link will run directly across the Mediterranean to mainland Greece through a submarine cable, with the possibility of bidirectional energy transmission. It will have a maximum capacity of 3 GW and transmit only renewable energy generated in Egypt to Europe through Greece. Some 9.5 GW of renewable energy projects will be necessary to maximize the utilization of the planned interconnection project. Elica is reportedly applying to the EU for funding, with the European Investment Bank and a number of Greek banks possibly contributing money to the EUR 3.5 bn project.

REMEMBER- Work on GREGY has accelerated in recent months as the EU steps up its search for new energy supplies following Russia’s invasion of Ukraine. The EU imports 40% of its gas from Russia, forcing it to go in search of new suppliers in the eastern Mediterranean, Africa and the Middle East.