Greece and Saudi Arabia form power interconnection joint venture

Greece and Saudi Arabia are looking at interconnecting electricity transmission and have taken a first step through the formation of a special purpose company, Saudi Greek Interconnection.

The new company will prepare feasibility studies for the commercial viability of such interconnection between Greece and Saudi Arabia.

Greek transmission system operator (TSO) ADMIE and Saudi Arabia’s TSO National Grid S.A - Saudi Electricity Company, will each hold a 50% stake in the special purpose company.

The agreement was signed earlier this week on the sidelines of a ministerial meeting between President and CEO of ADMIE, Manos Manousakis, and the CEO of National Grid, Eng. Abdullah Waleed Al-Saadi.

The officials also identified hydrogen, renewable energy sources (RES) and electric infrastructure as priority areas for Greek-Saudi cooperation.

ADMIE also has plans for an undersea transmission interconnection with Egypt.

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Formation of the company is being hailed by both as of strategic importance for bilateral cooperation and regional stability, within the context of the broader rearrangements created by the new India-Middle East-Europe (IMEC) economic and trade corridor.

According to a release from the Greek government, the partnership also aligns with the strategy of the Ministry of Environment and Energy (YPEEN) and ADMIE to participate in the implementation of major energy corridors for the transmission of clean energy to Europe from North Africa and the Middle East.

The collaboration between the countries’ TSOs, now formalised through the Saudi Greek Interconnection, builds on a memorandum of understanding signed between the two countries last year for energy cooperation.