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European Commission Backs Greek Solar & Storage Projects

published: 2024-04-08 15:13

Greece will invest €1 billion ($1.1 billion) to support the installation of 813 MW new solar PV capacity, along with integrated storage solutions, after securing a go-ahead from the European Commission. The 2 projects to benefit from this scheme are planned to come online by mid-2025.

It paves the way for the Faethon Project that comprises 2×252 MW solar PV units with integrated molten-salt thermal storage units and an extra-high voltage substation. It will generate solar power during the day. The surplus stored will be used during times of peak consumption such as evenings and nights.

The other project to partake from the Greek funding is a 309 MW solar PV park with an integrated lithium-ion battery energy storage system (BESS). This project aims to optimize electricity generation and grid stability.

Greece will provide state aid to the selected projects under a 2-way contract for difference (CfD) arrangement for 20 years. The strike price will be determined by a technical committee on the basis of a cost-benefit analysis and risk assessment.

The reference price will be calculated as a monthly output-weighted average of the market price of electricity in the day-ahead markets.

According to the commission, the Greek state aid measures contribute to found to contribute to achieving the country’s climate and energy targets, and the objectives of the European Green Deal, as well as the Fit for 55 package.

Once the facilities are online, these are expected to increase the annual net renewable energy in the Greek electricity mix by close to 1.2 TWh.

Solar is set to play a significant role in Greece’s energy transition as the country plans for it to account for 34.5 GW out of its 65 GW renewable energy capacity target for 2050. It targets energy storage of 5.6 GW by 2030 and 23.3 GW by 2050, according to its draft National Energy and Climate Plan.

Source:Taiyang News

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