Saudi Arabia and Greece have joined forces to establish a special purpose vehicle (SPV) called Saudi Greek Interconnection, marking a significant step towards their electricity interconnection project. Both Greece’s Independent Power Transmission Operator (IPTO) and Saudi Arabia’s National Grid will hold an equal 50% stake in this venture, with oversight from their respective energy ministries.
The creation of Saudi Greek Interconnection underscores the commitment of both nations to explore the feasibility of linking their electricity grids. This initiative holds strategic significance, as it will establish the first-ever connection between Saudi Arabia and the European continent. The project aims to facilitate energy transition and the utilization of renewable resources, aligning with broader goals of sustainable energy development.
Waleed Al-Saadi, CEO of National Grid and Chairman of the Board of the SPV, emphasized the importance of strategic cooperation between Saudi Arabia and Greece in various energy-related endeavors. These include electricity generation using renewable energy sources, the establishment of robust power grids, and the potential export of renewable energy-generated electricity to Greece and beyond.
Al-Saadi highlighted the potential benefits of the interconnection project, including the more effective utilization of renewable energy, enhanced access to sustainable electricity generation, and improved security of electricity supplies. Technical teams comprising executives from IPTO and National Grid are actively engaged in advancing the project, focusing on refining the electrical interconnection and defining key design parameters.
The collaborative efforts between Saudi Arabia and Greece signify a significant milestone in promoting regional energy integration and advancing towards a more sustainable energy future. As the project progresses, it is expected to unlock opportunities for mutual economic and environmental benefits while fostering greater energy security and resilience for both nations and the broader region.