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Saudi, Greece establish SPV for an electricity interconnection project: The Saudi National Grid and Greece’s Independent Power Transmission Operator (IPTO) have set up a 50-50 joint venture by way of a special purpose vehicle dubbed Saudi Greek Interconnection, IPTO said in a press release last week. The project “will interconnect for the first time Saudi Arabia with the European continent,” said National Grid CEO and Chairman of the new SPV Waleed Al Saadi.
The JV will work on a feasibility study for the Saudi-Greek electricity interconnection project which aims to link the power grids of both countries together as part of their wider plan to supply Europe with green energy. Plans for the JV were first announced in September 2023. The JV “is a very important project for Europe that can accelerate the continent’s energy transition and provide access to new sources of clean energy,” said IPTO Chairman and CEO and the CEO of the new Saudi Greek SPV, Manos Manousakis.
Remember: Electricity ≠ oil. Deliver crude to a Greek port and you still have a refining and onward transport problem to solve. Sell greece electrons and ship it down a wire and the Greek partner can instantly on-sell that capacity to others to which its grid is connected.
Mapping the route + talk of renewables: The new venture aims to establish a joint power grid, export the electricity produced using renewable energy to Greece, and to Europe via Greece, said Al Saadi adding that it will pave the way for “effective use of renewable energy, access to sustainable electricity generation and improved security of electricity supplies.”
Background: The European Union identified in 2022 (pdf) MENA countries including Saudi Arabia, Algeria, Qatar, the UAE, and Iraq as partners that could help it reduce its reliance on Russian oil by providing key components of its energy mix.
PRODUCING GREEN ELECTRONS TO GO DOWN THOSE WIRES- The Saudi Power Procurement Company has revealed a list of 23 qualified bidders for 3.7 GW of renewable energy projects, state news agency SPA reported on Thursday. The independent power producer (“IPPs” in industry speak) range from a 300 MW site in Makkah to the 2 GW Al Sadawi facility. Qualified bidders include regional and international players including Masdar, EDF Renewables, Jinko Power, and Samsung.
