Bloomberg cast its eye on the eastern Mediterranean region’s energy “map” this week, pointing to an acceleration of efforts to get a 4.2-billion-euro electricity link between Egypt and Greece off the ground.

Bloomberg cited comments by Ioannis Karydas, the Copelouzos Group CEO for renewables, energy storage and interconnections, the main Greek partner in the ambitious project.

According to the latter, the goal is to reach a final investment decision next year and to commence operation in 2030.

The project, known as “Gregy”, involves an undersea transmission line from Egypt’s Mediterranean, on its far west coast, to the large island of Crete, and from there to the Greek mainland.

Bloomberg notes that the project is one of many in the wider region attempting to ensure quantities and transport avenues for energy heading to Europe.

According to the Bloomberg dispatch from Athens:

“Gregy has entered the European Union’s list of energy projects of common and mutual interest, which makes it eligible for a grant for as much as 50 percent of the cost of construction. Greece’s power grid operator IPTO also said in November it would consider investing in it.

The link, which will consist of four cables stretching almost 1,000 kilometers (620 miles) across the eastern Mediterranean, aims to bring electricity from a 9.5 gigawatt portfolio of wind and solar projects that Copelouzos will develop in Egypt as a separate project,” Bloomberg quotes Karydas as saying, while adding:

“One third of the electricity will be for Greek industry, one third for transfers to Bulgaria, Italy and onward to other European countries, and another third for Greek production of fuels such as hydrogen and green methanol for ships, according to Karydas. The project has the potential to replace 4.5 billion cubic meters of natural gas annually, he added.

“The wind and solar parks in Egypt will require as much as €8 billion of investments, and Copelouzos aims for an international consortium of companies to develop them. A memorandum of understanding has already been signed with Infinity Power — a joint venture between Egypt’s Infinity and Abu Dhabi’s Masdar.”