Greece and Saudi Arabia establish joint venture company to develop electricity link

Greece and Saudi Arabia lay foundation for development of electricity interconnector

Greece and Saudi Arabia have agreed to establish a special purpose company for the development of an electricity interconnector between the two countries.

Source: IPTO

Chairman of the Board and CEO of Greek electricity grid operator Independent Power Transmission Operator (IPTO or Admie) Manos Manousakis and the CEO of National Grid Saudi Electricity Company Abdullah Waleed Al-Saadi inked the agreement in Athens.

The agreement for the establishment of the special purpose company Saudi Greek Interconnection was signed during a bilateral meeting of high-ranking officials of the two countries, led by Greece’s Deputy Minister of Environment and Energy Alexandra Sdoukou and her Saudi counterpart Nasser Hadi Al-Qahtani.

This is said to lay the foundations for the maturation of the new electricity interconnection between Greece and Saudi Arabia.

According to IPTO, the partnership with the Saudi Arabia transmission system operator (TSO) is the first step towards the implementation of a clean energy corridor from the Middle East to Europe via Greece and is combined with the operator’s planning for the Green Aegean Interconnector – Greece-Germany electricity interconnection.

The deal comes as Greece and Saudi Arabia last year signed a memorandum of understanding (MoU) to cooperate on energy.

The MoU sets a framework for cooperation that includes renewable energy, electrical interconnection, exporting electricity to Greece and Europe, clean hydrogen and its transfer to Europe, energy efficiency, the oil, gas, and petrochemical industry, and adopting the circular economy approach to carbon and technologies to reduce the effects of climate change.

The deal also includes cooperation in promoting digital transformation and innovation in the fields of energy, including cyber security, and working to develop qualitative partnerships to localize materials, products and services related to all energy sectors and their associated supply chains and technologies.

Within the framework, joint research in the fields of energy with universities and research centers among others is being conducted, and working sessions, panel discussions, seminars, and multilateral conferences are organized, in addition to building human capacities through training, and exchanging experiences and information.