The project includes extending a subsea cable to transmit energy to Europe with at least two gigawatts capacity.
Egypt is seeking to position itself as a regional hub for renewable energy and a strategic partner to Europe. The old continent has faced energy insecurity since the war between Russia and Ukraine broke out.
In October, the European Union (EU) started considering adding an electrical interconnection project between Greece and Egypt to its list of Projects of Common Interest (PCIs), which will facilitate funding and issuing permits for the project.
The Minister of Electricity and Renewable Energy, Mohamed Shaker, announced in September that Egypt plans to launch a national strategy to become a leading green hydrogen producer and exporter.
Over the past year, the country signed many MoUs with various international entities to attract foreign investment in green hydrogen and to become a hub for hydrogen production.
In June, the Egyptian government updated the Nationally Determined Contributions (NDC), which include setting more ambitious goals for reducing greenhouse gas (GHG) emissions and securing the finances needed.