EU Grants €1 Billion for Greece's Green Energy Projects
Wednesday, 03 April 2024
The European Union has sanctioned a €1 billion funding package for Greece's renewable energy endeavours.
Among the endorsed initiatives, the Faethon project is notable for planning the construction of two solar power stations, each with a 252-megawatt (MW) capacity.
These units will be complemented by molten-salt energy storage systems and a high-voltage substation, aiming to harness surplus energy for peak demand periods and facilitate daytime electricity generation.
The second initiative, named the Seli project, involves developing a 309 MW solar power facility equipped with a lithium-ion battery storage solution. This project is designed to enhance electricity production efficiency and grid reliability.
Both projects are slated for completion by mid-2025, with funding paid out annually over a 20-year span.
It is projected that these initiatives will inject an additional 1.2 terawatt-hours (TWh) of clean energy annually into Greece's power grid, increasing the country's total electricity output by approximately 2.1% based on 2020 figures.
Furthermore, these efforts are expected to augment Greece's renewable energy generation by 8% relative to 2020, significantly advancing the nation's climate and energy goals.
Margrethe Vestager, the European Commission's Executive Vice President, emphasised the groundbreaking nature of these projects, highlighting that they were set up to quicken the transition to green energy while minimising potential market distortions.
If successful, these initiatives are expected to facilitate Greece’s journey towards its decarbonisation and climate neutrality goals, reducing dependence on imported fossil fuels. This approach also aligns with the objectives of the EU's Solar Energy Strategy and the REPowerEU Plan.