IPTO and National Grid Establish Saudi Greek Interconnection for Landmark Electricity Project, Pioneering European-Middle Eastern Energy Collaboration

The signing ceremony for the establishment of the special purpose company “Saudi Greek Interconnection” to conduct the feasibility study for the Greece-Saudi Arabia electricity interconnection was held at IPTO’s headquarters in Athens. Mr. Manos Manousakis, Chairman and CEO of IPTO, and Mr. Waleed Al-Saadi, CEO of National Grid, signed the agreement, reflecting the strategic cooperation between Greece and Saudi Arabia in the energy sector. This collaboration, agreed upon during the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, to Greece in the summer of 2022, is overseen by the Ministries of Energy and Environment of Greece and the Ministry of Energy of Saudi Arabia.

In September 2023, IPTO and National Grid signed the Shareholders Agreement in Athens, with each holding a 50% stake in the “Saudi Greek Interconnection” special purpose company. The Board of Directors includes Mr. Waleed Al-Saadi as Chairman, Mr. Manos Manousakis as CEO, and other representatives from both organizations.

Technical teams from IPTO and National Grid are already working on the electrical interconnection’s feasibility study and design parameters. Mr. Manos Manousakis emphasized the project’s significance for Europe’s energy transition and its potential to provide access to clean energy sources. He aims to promote the interconnection as a Project of Common Interest for the EU.

Mr. Waleed Al-Saadi highlighted the strategic cooperation between Greece and Saudi Arabia in the energy field. The Saudi Greek electricity interconnection will interconnect Saudi Arabia with the European continent for the first time, facilitating the utilization of renewable resources and enhancing electricity supply security. Mr. Al-Saadi expressed gratitude to the team members for their collaborative efforts in advancing the project.