Greece and Saudi Arabia have agreed to establish a jointly-owned company, named Saudi Greek Interconnection, to explore the feasibility of linking their power grids.
This partnership aims to supply Europe with more affordable green energy. The company will be co-owned by Greece’s IPTO and Saudi Arabia’s National Grid, with each holding a 50% stake.
Greece is already a significant producer of renewable energy, with approximately 40% of its power generated from renewables.
Additionally, Greece is working on projects such as undersea cables to connect its grid to neighboring countries to expand its role in supplying renewable energy to the region.
Recently, India’s KEC International, a prominent player in power construction, secured a substantial $138 million contract for the development, supply, and installation of a 380 kV overhead transmission line within Saudi Arabia’s ambitious NEOM mega-project.