Bringing 3,000 megawatts of renewable energy, the GREGY interconnection will run from northern Egypt to Attica, Greece.

Expected to be in operation for around 8 years, one-third of the cable's supply will power Greek heavier industry, another third will be exported via shared grids to other European countries Bulgaria and Italy.

The final third will go to the production of green hydrogen.

"By bringing 3 gigawatts of clean energy to Europe, via Greece, we are helping Europe wean itself off Russia's fossil fuels and natural gas. Also, the green energy we will transport will be much cheaper than today's energy prices. You understand that this will help both Greek and European consumers," said Ioannis Karydas, CEO of Renewables, Copelouzos Group.