Greece Approves 2.8GW Of New Investment in Solar Energy

As part of its economic recovery plan, the Greek government has approved four new solar energy investment projects with a total capacity of 2.8GW.

Greece plans to invest more than 2 billion euros ($2.44 billion) in solar photovoltaic generating plants. This includes 1.5 billion euros ($1.83 billion) for 1.5GW solar photovoltaic power stations across 12 regions in central and northern Greece. Another 421.6 million euros ($514.1 million) will be spent on 37 photovoltaic plants with a total capacity of 830MW, Larissa, Magnesia and Kilkis.

As part of a 5 billion euro ($5.94 billion) road map to support phasing out coal power generation by 2028,The state-owned utility of Greece is responsible for developing solar power plants. Their medium-term goal is to have 1.1-1.4GW of installed solar PV capacity by 2024.

Adonis Georgiadis, minister of development and investment, said that despite the economic disruption caused by the outbreak of Coronavirus, the expansion of solar projects through strategic investments “will not be interrupted”.

In an online conference held Dec. 21, Georgiadis, Finance Minister Christos Staikouras, Environment and Energy Minister Kostis Hatzidakis, Culture and Sports Minister Lina Mendonis, Agriculture Minister Makis Vorides, Secretary of Private Investment Orestis Kavalakis and Director of Strategic Investments Akis Slavos gave the green light for the funding.

Nikos Papathanasis, deputy minister for development and investment, said investment in solar projects was an “imperative” to create jobs and bounce back from the global epidemic.

The Greek Ministry of Environment and Energy is also trying to shorten the lengthy licensing process for solar energy projects, aiming to get these projects out of an eight-year wait.