Greece approves 2.8 GW renewables financial investment

Dec 24, 2020 01:23 PM ET
  • The Greek federal government has actually approved four financial investments right into new renewable energy projects completing 2.8 GW ability as part of the country's economic recovery from the COVID-19 pandemic.
Greece approves 2.8 GW renewables financial investment
Image: Flickr

More than EUR2 billion (US$ 2.44 billion) is to be invested in four investment projects in renewable resource plants, including EUR888 million (US$ 1.83 billion) on 1.5 GW of solar PV parks across 12 regions of Central and Northern Greece, and a more EUR421.6 million (US$ 514.1 million) on 37 PV plants with a total capability of 830MW in Larissa, Magnesia and Kilkis.

The remaining investment will go towards one overseas wind growth with 360MW, and also a 120.3 MW onshore wind project in Xanthi and also Rodopi.

Greece's state-owned Public Power Corporation has been entrusted with establishing the solar parks as part of a broader EUR5 billion (US$ 5.94 billion) roadmap to sustain the phase-out of coal generation by 2028. The company has an interim target of 1.1 - 1.4 GW of set up solar PV capacity by 2024.

Minister for development as well as financial investment Adonis Georgiadis said the adoption of critical investments to fund the nation's solar development "proceeds nonstop" despite the economic interruption prompted by COVID-19.

The financing was given the green light by Georgiadis, financing priest Christos Staikouras, preacher of environment and energy Kostis Hatzidakis, society as well as sport preacher Lina Mendonis, farming minister Makis Vorides, secretary general of personal financial investments Orestis Kavalakis and also Akis Slavos, director of strategic investments, throughout an online meeting on 21 December.

Greece is not the only nation pinning hopes on the renewable resource market to assist financial recuperation. The federal government of Queensland, Australia, is investing AU$ 145 million (US$ 109 million) to establish three renewable resource zones (REZ) across the state, while Victoria legislators began a procedure to test industry interest in renewables projects in September. In the US, incoming President Joe Biden is expected to make a shift to solar energy a keystone of his time in office, having allocated US$ 1.7 trillion for green spending during his campaign.

The replacement priest for development and investment, Nikos Papathanasis, stated investment in solar projects is "vital" to job development and also a rebound from the worldwide pandemic.

" We adopt tactical financial investments and produce a vibrant organization setting," he stated, "removing barriers and also speeding up procedures."

Greece's atmosphere as well as power ministry have actually likewise tried to shorten prolonged licensing procedures for renewable energy projects, in a proposal to totally free gigawatts' worth of installments encountering waiting times of up to 8 years.

Solar Installers, Manufacturers