Greece and Egypt reaffirm plans for a major undersea cable to deliver renewable energy from Egypt to Europe, backed by the EU and aimed at boosting regional energy ties and cooperation.

Greece and Egypt reaffirmed their commitment on Wednesday to an ambitious undersea electricity interconnection project that aims to transport renewable energy from North Africa to Europe. This renewed pledge was made during bilateral talks held in Athens between Greek Prime Minister Kyriakos Mitsotakis and Egyptian President Abdel Fattah el-Sissi, following the signing of multiple cooperation agreements across various sectors.

The proposed interconnection will involve a 3,000-megawatt capacity cable stretching nearly 1,000 kilometers (620 miles) across the eastern Mediterranean. The project has received backing from the European Union, making it eligible for significant EU funding. Mitsotakis emphasized the value of the project during joint statements, noting that it would enable both Greece and the wider European region to import low-cost renewable energy, primarily wind energy, which Egypt can produce at a competitive rate. He also underscored that the energy exported through the cable would be dedicated clean power specifically developed in Egypt for this initiative, with private sector participation led by Greece’s Copelouzos Group.

The estimated cost of the project is around 4 billion euros (approximately $4.5 billion), and both governments have set an ambitious goal for it to become operational within five years. President el-Sissi stressed the strategic importance of the interconnection, describing it not only as a bilateral initiative but also as a pivotal project with regional and international dimensions. He noted that it would serve as the first direct transmission link for clean energy from Egypt to Europe via Greece. El-Sissi also expressed hopes for continued EU support, highlighting the project's potential to enhance energy cooperation between Europe and its southern neighbors.

The European Union has shown strong interest in expanding energy collaboration with non-member countries as part of its broader strategy to diversify energy sources and reduce dependence on Russian energy, especially in the wake of Russia’s invasion of Ukraine in 2022.

In addition to energy discussions, Mitsotakis and el-Sissi addressed regional security concerns, migration issues, and ways to strengthen Egypt’s relationship with the European Union. Mitsotakis reiterated Greece’s unwavering support for Egypt, particularly in fostering closer ties with the EU. He described Greece as a reliable partner in advocating for Egypt’s interests within the European bloc.

The meetings concluded with agreements to explore further avenues of energy cooperation, to facilitate the seasonal employment of Egyptian workers in Greece, and to deepen joint efforts across financial, defense, and cultural sectors.