Greece’s Independent Power Transmission Operator (IPTO) and Saudi Arabia’s National Grid SA have signed an agreement to study the implementation of the Greece-Saudi Arabia electricity interconnection project.

The two sides agreed to establish a special purpose company ‘Saudi Greek Interconnection’ for conducting the feasibility study, IPTO said in a press statement issued last week.

The agreement was signed by IPTO’s Chairman and CEO Manos Manousakis and National Grid SA’s CEO Waleed Al-Saadi at the Operator's headquarters in Athens.

IPTO and National Grid will each hold a 50 percent stake in the SPV, which will be chaired by Al-Saadi with Manousakis as its CEO.

"This interconnection will further strengthen the energy corridors between the Middle East and Europe, in which IPTO has an active role, contributing to the energy transition of the wider region,” said Manousakis

“This project will enable the more effective use of renewable energy, access to sustainable electricity generation and improved security of electricity supplies,” added Al-Saadi.

The statement noted that technical teams formed by executives of IPTO and National Grid SA are already working on the maturation of the electrical interconnection and its design parameters, beginning with the assessment and analysis of the feasibility and commercial viability of the project.

(Reporting by Dennis Daniel; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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