The European Commission approves aid for Greece for the development of renewable energy
The European Commission declared financial backing for two key investments on April 2, with the goal of boosting renewable energy production in Greece.
Greece focuses on renewable energy sources
The EU’s executive body has allocated precisely €1 billion to fund two renewable energy production and storage projects in Greece. The first project, Faethon, involves building two photovoltaic units, each with a capacity of 252 MW. An essential aspect of this initiative is installing integrated heat storage tanks for molten salt and a high-voltage substation. These components enable storing energy generated during peak production hours for later use during peak consumption periods, such as evenings and nights.
On the other hand, the Seli project focuses on constructing a 309 MW photovoltaic unit equipped with an integrated energy storage system using lithium-ion batteries. In this case, the goal is not only to optimize energy consumption but also to enhance network stability.
Effects of investing in Greece
According to data from the European Commission, both projects have the potential to boost the annual net amount of renewable energy in Greece’s electricity mix by approximately 1.2 TWh, which is almost 2.1% of the total electricity production in the country. Notably, implementing these investments would increase renewable energy production by 8% compared to 2020 levels. It would also enhance the system’s energy flexibility, as elaborated further in our article.
Margrethe Vestager, EU Commissioner for Competition, justifies the decision, stating, “These measures will assist the European Union and Greece in achieving common objectives related to decarbonization, climate neutrality, and reducing reliance on imported fossil fuels.”
Source: etn.news