Greeceās Independent Power Transmission Operator (IPTO/ADMIE) and its Saudi counterpart National Grid SA have established a joint venture to study the feasibility of building an electricity interconnection between the two countries.
Saudi Greek Interconnection, as the special purpose company is called, is equally owned by IPTO and National Grid SA, the Greek power operator said.
Waleed Al-Saadi, chief executive of National Grid SA, will serve as chairman of the board of the joint venture, while IPTO’s CEO and chairman, Manos Manousakis, will act as chief executive officer.
Technical teams comprised of executives from IPTO and National Grid SA are already engaged in advancing the electrical interconnection and defining its design parameters. Their efforts commence with evaluating and analysing the feasibility and commercial potential of the project.
The establishment of the joint venture builds on a deal between the two companies from October 2023.
IPTO is also a partner in the EuroAsia Interconnector project, which aims to create a 1,208-km direct current undersea cable linking Greece, Cyprus and Israel.
