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Tuesday, October 3, 2023

Kopelouzos Group: Develops the Greek-Egyptian electricity interconnection

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By & nbsp; Haris Floudopoulos

The support of the governments of Greece and Egypt as the preferred project that will electrically unite the two countries, has been secured by the project Greece Egypt Interconnector of the company ELIKA of the Kopelouzos group.

It is recalled that the electricity connection between Greece and Egypt was at the center of the teleconference between Prime Minister K. Mitsotakis and Egyptian President Al Sisi, with the participation of EIB President V. Hoyer.

As D. stated yesterday. Kopelouzos, the licensing and other administrative procedures of the project will be accelerated due to the conditions that have been created due to the energy crisis and the Ukrainian one.

According to Mr. Kopelouzos, the project will transfer 100% green energy which will be produced in sun-rich Egypt. It is noted that in the country where the development of RES projects with a capacity of 61GW is planned until 2035, the green units are repaid with only 17 dollars/MWh when in Greece the corresponding cost is 37 euros/MWh.

The amount of investment for the construction of the 954 km long interconnection reaches 3.569 billion euros & nbsp; euros and an agreement has already been secured with a group of banks for financing amounting to 1.5 billion.

At the same time, the EIB has expressed interest without further delay, to participate financially in the project. At the same time, discussions are underway with interested investors in order to participate in the project.

According to the planning, in a year from today, the final investment decision will be made, with the aim that the interconnection will be ready in 2025 – 2026 .

When the project is constructed, ELIKA's goal is for 1/3 of the transferred energy to be utilized in Greece for the supply of industry, 1/3 to be exported to Europe and the remaining 1/3 to be utilized for the production of green hydrogen which will also exported to Europe. It is noted that for exports of 700MW power no further investment is required in the country's electricity system.

As for the tariff, ie the cost of using the interface, it will be determined by the European Competition Commission based on of the IRR that will be judged as reasonable for the depreciation of the project.

Alliance with RF Energy for offshore wind

Moreover, as Mr. Kopelouzos announced yesterday, the company ELIKA that has licenses for 216 MW offshore wind farms off the coast of Alexandroupolis, signed an agreement for merger with the also licensed RF Energy parks in Lemnos with a capacity of 500MW.

The two projects will be developed by a joint company, Aegean Wind Farms, in order to achieve economies of scale. It is noted that ELIKA will upgrade the power of the parks of Alexandroupolis from 216 to 300MW.

Source: Capital.gr

Source: www.philenews.com

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