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Sunday, 17 October 2021

Egypt signs MoUs with Greece, Cyprus to link electricity grids + Globeleq invests in Benban

Hello, EuroAfrica: The USD 4 bn EuroAfrica Interconnector project, which will connect the electrical grids of Egypt, Greece, and Cyprus, got a huge boost over the weekend after Egypt signed MoUs with Greece and Cyprus. The MoUs with Greece — signed by Electricity Minister Mohamed Shaker on Thursday during a trip to Athens — will see the two countries build an undersea cable connecting their grids. “The interconnection of transmission networks between our two countries represents a bold strategic initiative,” Greek Prime Minister Kyriakos Mitsotakis tweeted on Thursday, adding that the agreement “secures the flow of green energy and enhances Europe’s energy security.”

Separately, Egypt and Cyprus signed yesterday an MoU that would see them connect their electricity grids, Reuters reports. “Fortifying our electricity grids and allowing the further integration of renewables in our respective energy mix, enhancing the security of our energy supply and enabling us to become exporters of energy, are but a few of the tangible benefits,” Cyprus Energy Minister Natasa Pilides said at the signing. The MoU, which sets out a framework of cooperation from planning to implementation, could see Egypt and Cyprus exchange up to 2 GW of electricity, Shaker told Youm7 following the signing ceremony. This could then possibly be bumped up to 3 GW, he added.

Timelines: The first, EUR 2.5 bn phase of the project will connect the three countries’ grids and is set for commissioning by December 2023 with an initial capacity of 1 GW, according to the project’s website.

Background: The project has been in the works for a while, as Cairo, Athens, and Nicosia signed the framework agreement back in 2019. The project comes at a time when Europe is experiencing an energy crisis.

This also isn’t our first rodeo merging grids: Contracts for the linkup of Egypt and Saudi’s electricity grids were handed down earlier this month.

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