Saudi Arabia has signed a deal with Greece to create a jointly owned company to link the two countries’ power grids, with the aim of supplying Europe with clean energy, Reuters reports.
The new company, Saudi Greek Interconnection, will be owned 50 percent each by Greek IPTO and Saudi National Grid.
Greece’s energy mix is already 40% renewable, and the country is looking to increase this while reducing costs. To that end, Greece is also seeking to build an undersea cable to connect its renewable energy grid to Egypt.
The potential $4 billion project could have the capacity to transport around 3,000 megawatts per day, although a feasibility study has not yet been carried out.
A similar agreement has been reached with both Cyprus and Israel, with the three countries pursuing a $900 million undersea power cable.
MBS has also approached France about exporting Saudi renewable energy and hydrogen to Europe, although no official agreements are in place.