Special purpose company established for potential Greek-Saudi electricity interconnector

Special purpose company established for potential Greek-Saudi electricity interconnector

Greece and Saudi Arabia have officially established a special purpose company for exploring the feasibility of an electricity interconnector between the two countries.

Manos Manousakis, Chairman and CEO of IPTO, and Waleed Al-Saadi, CEO of Saudi's National Grid. Source: IPTO

The special purpose company Saudi Greek Interconnection was established by the Greek electricity grid operator Independent Power Transmission Operator (IPTO or Admie) and the National Grid Saudi Electricity Company.

The move is said to mark a significant step forward in exploring the feasibility of connecting Greece and Saudi Arabia’s electricity grids.

According to IPTO, the initiative underscores the growing energy cooperation between the two countries and represents progress towards establishing a clean energy corridor stretching from Athens to Riyadh.

The Board of Directors of the special purpose company comprises Waleed Al-Saadi, Chairman of the Board, Manos Manousakis, Chief Executive Officer, Abdulaziz Al-Muhaiza, Financial Officer- Board Member, and board members Khalid Alshammari, Prokopis Mavronas and Panagiotis Michalopoulos.

Greece and Saudi Arabia announced their intention to establish the special purpose company in September 2023.

The plan came on the heels of the two partners signing a memorandum of understanding (MoU) in 2022 which 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.