US-based global engineering and construction services company McDermott and Greece-based Eunice Energy Group announced on Tuesday the signing of a memorandum of understanding (MoU) for cooperation on the two-gigawatt (2 GW) electrical interconnection between Greece and Egypt.

Eunice Energy Group is leading the transnational consortium between Greece and Egypt for the Greece-Africa Power (GAP) Interconnector project, which aims to contribute to regional energy security and stability by facilitating intercontinental clean energy transfer.

As part of the consortium, McDermott will provide engineering and construction guidance for the project by bringing to the table its expertise in engineering, procurement, construction and installation (EPCI) for subsea and deepwater, the US firm said in a press statement.

"This is an MOU of strategic importance at a time when Europe is working to ensure energy security," said Michael McKelvy, McDermott President and CEO. "I am proud to join forces with Eunice Energy Group on the GAP project and help build the future of energy in the region."

George Kalavrouziotis, Eunice Energy Group CEO added: “The GAP Project is the leading electrical interconnection project in the East Mediterranean region, being at the top of the list in terms of technical feasibility and regulatory approval. The 2 GW interconnector will help Egypt export its surplus power to Europe, and enable Greece to export its domestically produced green energy into the Balkans and Italy, thus contributing to Europe's energy independence from Russia's energy resources."

(Writing by Anoop Menon; Editing by Bhaskar Raj)