ECONOMY

EU clears €2.27 bln euro Greek state aid to boost renewable power

eu-clears-e2-27-bln-euro-greek-state-aid-to-boost-renewable-power

The European Commission has approved a €2.27 billion aid scheme proposed by Greece to boost renewable power generation, it said on Wednesday.

The measure will help Greece meet its renewable energy targets, without unduly distorting competition, the executive arm of the European Union said.

The government, aiming for renewables to account for 61% of final electricity consumption by 2030 from 29% last year, wants to shorten its permitting process to about two to three years.

That’s down from the eight years more typical for such schemes in Greece.

The new scheme that Greece has proposed to support 4.5 gigawatt of installed electricity capacity from onshore wind, photovoltaic, biomass, hydroelectric power and other renewable energy sources includes joint competitive tendering and direct awarding.

It is open until 2025 and can be paid out for a maximum of 20 years. [Reuters]