GREGY

In April 2025, the European Bank for Reconstruction and Development (EBRD) signed a grant agreement with project promoter ELICA to finance initial studies for the GREGY Egypt–Greece interconnector, providing institutional backing for the project’s development phase.

GREGY was later included in ENTSO-E’s Ten-Year Network Development Programme 2024 (TYNDP 2024), confirming its continued prioritisation within the European transmission network planning framework.

The GREGY interconnector, described as the HVDC link between Wadi El Natroon in Egypt and the Mesogeia/St Stefanos area in Greece, was formally listed in the European Union’s 1st PCI/PMI list (covering Projects of Common and Mutual Interest), marking it as an EU-prioritised cross‑border electricity infrastructure project.

On 17 May 2023, Copelouzos Group, through its subsidiaries DAMCO ENERGY and ELICA Mediterranean Interconnection, and Infinity Power, a joint venture between Masdar and Egypt’s Infinity, signed a Memorandum of Understanding to jointly develop around 9.5 GW of renewable energy projects in Egypt to supply green electricity to the GREGY subsea interconnector from Egypt to Greece and onwards to Europe.

The GREGY interconnector was included in ENTSO-E’s Ten-Year Network Development Plan (TYNDP 2022), formally recognising the Egypt–Greece HVDC link as part of the European transmission development portfolio and supporting its candidacy for PCI/PMI status.

By late 2022, developers of the Egypt–Greece GREGY interconnection were conducting feasibility and technical studies for the planned 3,000 MW, approximately 954 km HVDC subsea cable, marking a shift from conceptual design toward more detailed early-stage project development.

In 2009, the GREGY project was originally proposed as a €3.6 billion, 3,000 MW submarine HVDC interconnection to transmit mainly renewable electricity from Egypt’s solar and wind parks to Europe via Greece, establishing the basic concept that later development activities would build upon.

Project promoter Copelouzos Group reports strong financing interest for GREGY, with letters of interest for long-term lending nearing €4.5 billion for the interconnector itself and an additional €5.2 billion for related renewable projects in Egypt.

Elica, a Copelouzos Group company promoting the GREGY interconnector, has staged a tender for studies to determine the route and cost of the Greek–Egyptian subsea cable, with four of six shortlisted companies submitting bids from an initial pool of 24, after which Elica plans to select the winning bidders.

According to the European Grids Package, construction of the GREGY Egypt–Greece interconnector is expected to start after the project reaches a final investment decision, which is currently targeted around late 2027, following completion of preparatory studies and tenders for subsea cable route surveys and contractor selection.

Elica, the Copelouzos Group subsidiary promoting the GREGY interconnector, secured a 1,000 km² land concession in Egypt for wind and solar parks with a total planned capacity of 9 GW to supply the 954 km subsea cable linking Egypt and Greece. The agreement, reached with Egyptian authorities following high-level meetings in Cairo, places the parks near Sidi Barrani on Egypt’s Mediterranean coast close to the planned converter station, ensuring strong wind resources and proximity to the cable’s landing point.

GREGY was included in the EU’s Global Gateway priority project list, designating the Egypt–Greece interconnector as critical and strategic infrastructure within the European Union’s external investment and connectivity initiative.

On 28 January 2026, the European Commission approved €9.6 million of Connecting Europe Facility funding for additional preparatory studies for the 3,000 MW, ~950 km GREGY subsea interconnector, earmarked for advanced technical work and seabed mapping to define the cable route, indicating that detailed geophysical surveys are planned but have not yet commenced.