Yannis Karidas, CEO of the Renewable Energy and Energy Storage Unit of the Copelouzos Group and CEO of the entity responsible for the development and implementation of the GREGY project.
Yiannis Karydas participated in the scientific conference titled “The Energy Resources of the Eastern Mediterranean and Their Utilization: Challenges and Prospects,” organized by the Law School of the University of Nicosia at UNIC Athens and the Institute of Energy for Southeast Europe (IENE), under the auspices of the Ministry of Environment and Energy.
As part of the “Electrical Interconnections” session, Mr. Karydas delivered a presentation titled “Upgrading the Strategic Importance of the Eastern Mediterranean in the New Energy Map – GREGY Power Interconnection,” analyzing the project’s energy, environmental, economic, and geopolitical benefits.
GREGY will directly connect Egypt with mainland Greece, transmitting 3,000 MW of green electricity to Greece and, through Greece, to the European market. The energy will be generated by new renewable energy projects with a total capacity of 8.5 GW, which the Kopelouzos Group is developing in Egypt. The plan calls for the phased development of wind and solar farms, with a ratio of approximately 75% and 25%, respectively.
The project capitalizes on Egypt’s high renewable energy potential and the availability of suitable flat land, while also helping to address the limited availability of land in Europe needed to achieve green transition goals. GREGY’s operation will reduce carbon dioxide emissions by approximately 10 million metric tons per year.
As Mr. Karydas emphasized, GREGY will provide Europe with a new, alternative source of clean energy, reducing its dependence on fossil fuels and enhancing the diversification, reliability, and security of its energy supply. At the same time, the transmission of green energy with a steady flow and at a competitive cost will help lower electricity prices, strengthen the competitiveness and export orientation of industry, and attract large-scale energy-intensive investments, such as data centers utilizing artificial intelligence.
Of particular importance is the recent institutional recognition of the project in the United States. On June 17, 2026, the U.S. Senate Foreign Relations Committee approved the bipartisan bill S.4443—the Eastern Mediterranean Gateway Act. The text explicitly names the GREGY Interconnection Project among the projects that play a key role in European energy security and can serve as critical infrastructure for connecting India and the Gulf to Europe via the Eastern Mediterranean.
This development represents significant recognition of GREGY’s strategic and geopolitical value and its role in the broader planning of the India–Middle East–Europe Economic Corridor (IMEC).
At the geopolitical level, GREGY serves as the cornerstone for the creation of a South–North Vertical Electricity Corridor, which will connect North Africa, via Egypt, with Europe, via Greece. In this way, Greece emerges as a strategic gateway for green energy into Europe and a key energy hub for Southeastern and Central Europe, while strengthening long-term cooperation between Egypt and the European Union.
GREGY elevates the strategic importance of the Eastern Mediterranean on the new energy map. It has been included in the first and second lists of Projects of Common and Mutual Interest (PCI/PMI), in ENTSO-E’s Ten-Year Network Development Plan (TYNDP) 2026, among the priority projects of the Global Gateway initiative, and in the Mediterranean Action Plan. The project’s final design studies are proceeding with co-financing from the European Union, which demonstrates recognition of the project’s strategic importance for all of Europe.
GREGY is a flagship project of European and international scope that strengthens Europe’s energy security, enhances the strategic position of Greece and the Eastern Mediterranean, and establishes a new green energy corridor between Africa and Europe. And energy security means national security, the announcement concludes.