The power grids of Saudi Arabia and Greece will be linked up with the goal of supplying Europe with clean energy. To this end, the countries have signed a deal for the establishment of a jointly-owned company.
The newly formed firm- Saudi Greek Interconnection-will join Greece’s IPTO and Saudi Arabia’s National Grid, each with a 50% stake. It is reported that Greece’s energy mix is already 40% renewable, and the country will boost this further, while lowering costs. Thus, Greece also has plans to build an undersea cable that will link its grid to Egypt for renewable energy.
As per reports, the potential $4-billion project could have the capacity to transport some 3,000 megawatts per day. A similar deal has been struck with both Cyprus and Israel, with the three countries pursuing a $900-million underwater power cable.
Earlier this month, Riyadh and Washington formalised a bilateral agreement to co-operate on an intercontinental green transit corridor to travel Saudi Arabia. The project will facilitate the transit of renewable electricity and clean hydrogen via transmission cables and pipelines as well as constructing rail linkages.
It may be noted that Saudi Arabia is signing a number of green deals and has recently vowed to increase the percentage of renewables in its energy mix.
