The US’ McDermott and Eunice Energy Group pens a memorandum of understanding (MoU) for cooperation on the two-gigawatt (2 GW) electrical interconnection between Greece and Egypt, Invest-Gate reports.
The project is known as Greece-Africa Power (GAP) Interconnector.
Eunice Energy Group is leading the transnational consortium between Greece and Egypt for the GAP project, which aims to contribute to regional energy security and stability by facilitating intercontinental clean energy transfer.
As part of the consortium, McDermott, a leader in engineering, procurement, construction and installation (EPCI) for subsea and deepwater, will be providing engineering and construction guidance for the project.
American foreign policy is aligned with the strategic energy objectives of Greece, and GAP represents a project within the national interests of both countries.
“This is an MOU of strategic importance at a time when Europe is working to ensure energy security,” Michael McKelvy, McDermott President and CEO, comments.
It is worth noting that the 2 GW interconnector will help Egypt export its surplus power to Europe, and enable Greece to export its domestically produced green energy into the Balkans and Italy, thus contributing to Europe’s energy independence from Russia’s energy resources.