Bid to speed up solar projects

Over 1,600 small photovoltaic projects will be able to move ahead after Wednesday?s decision by Deputy Development Minister Notis Mitarakis to set up a so-called Small Projects Monitoring Group that will speed up the funding process.

The 1,624 solar energy projects with a total budget of 665 million euros were set up under the previous investment incentives law, but investors have not yet been paid the state subsidies due.

The ministry?s aim is to have up to 274 million euros channeled toward those projects by the end of the year. The funds will come from the Public Investment Program and the National Strategic Reference Framework (ESPA).

The move is seen giving the suffering market of renewable energy sources a welcome boost in liquidity.

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