The project will reduce Egypt’s CO2 emissions by 9%, the companies said, producing 47,790 GWh of clean power per year. It will also reduce Egypt’s gas bill by around $5 billion per year.
“We are also spearheading the movement towards COP28 by establishing ourselves as a significant green energy supplier, beyond Africa. The benefits of the Egypt-Greece subsea transmission project are far-reaching.”
Infinity Power chairman Mohamed Ismail Mansour said the company planned to reach 2 GW of greenfield projects by 2025.
Infinity Power's Mansour said the project would provide "clean renewable energy to the region and the "entire continent of Africa".
In a major COP27 move, Masdar has signed up to develop a 10 GW onshore wind project in Egypt, said to be one of the largest such plans in the world.