The Memorandum of Understanding (MoU) signed on Thursday by Greece and Egypt "secures the flow of green energy, and enhances Europe’s energy security," Greek Prime Minister Kyriakos Mitsotakis wrote in social media.
On Twitter, the premier added that "the interconnection of transmission networks between our two countries represents a bold strategic initiative."
Signed in Athens by Greek Energy Minister Kostas Skrekas and Egypt's Electricity & Renewable Energy Sources Minister Mohamed Shaker, the MOU is based on the agreement about the delimitation of maritime zones between Greece and Egypt signed on August 6, 2020, government sources commented earlier on Thursday.
Skrekas underlined that the electrical interconnection between the two countries "will carry clean energy produced by renewable energy sources, to be exported to northern countries and Europe."
It will also speed up the creation of an energy corridor in the Eastern Meditteranean, and increase the security and resilience of energy supply, he added. This is the first electricity interconnection in the East Mediterranean, which will strengthen the regional integration of the energy market, allowing everyone involved to increase the use of RESs in energy production policy, he noted.
Egyptian minister Shaker underlined that the signing of this agreement is one of the most significant moments in the two countries' history, and noted that Egypt has invested heavily in the production of energy via renewable sources, which will reach 10 GW in the next 2 years.