Athens, Greece – Greece and Saudi Arabia announced their agreement to establish a jointly-owned company with the goal of connecting their power grids. This marks the initial phase of their ambitious plan to provide Europe with more affordable green energy, according to a statement from the Greek energy ministry, as reported by Reuters.
The collaboration between Greece’s Independent Power Transmission Operator (IPTO) and Saudi Arabia’s National Grid will result in each party holding a 50 percent stake in the newly formed company.
Greece, known for its substantial renewable energy production contributing to approximately 40 percent of its power generation, has been actively exploring ways to expand its role in providing cost-effective renewable energy to the region.
In addition to this partnership with Saudi Arabia, Greece is also in the process of constructing an undersea cable to link its grid with Egypt.
Greece has also committed to an ambitious project alongside Cyprus and Israel, aimed at building the world’s longest and deepest underwater power cable, with an estimated cost of approximately $900 million.