Greece-based Copelouzos Group has partnered with a joint venture from Abu Dhabi and Egypt to examine the joint production of renewable energy that will reach Europe via an Egypt-Greece power link scheme, it said on Wednesday.

Copelouzos seeks to build a 3-gigawatt undersea cable from Athens to Egypt.

The group said it has signed a memorandum of understanding with Infinity Power, a joint venture between Abu Dhabi’s Masdar and Egypt’s Infinity, to exchange expertise for the fast development of the necessary renewable energy for the operation of the Greece-Egypt cable.

“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 in a statement.

Greek power gird operator IPTO is also considering acquiring a stake in the link, which is estimated to cost about 4 billion euros ($4.40 billion).

Greece-based Eunice Group also wants to build a 2 gigawatt undersea power cable to link the Greek island of Crete to Egypt.

Copelouzos and Eunice are both seeking European funding for their projects.
Source: Reuters (Reporting by Angeliki Koutantou; editing by Jason Neely)