Akuo to invest €1 billion in Greek RES

Akuo to invest €1 billion in Greek RES

France’s Akuo Energy International is planning to implement an investment program close to 1 billion euros in Greece over the next five years.

Its plans include the entire range of renewable energy sources, from wind and solar power on mainland Greece to storage and floating photovoltaic units on the islands. They will also include photovoltaic tiles of high aesthetic standards for use by Greek architects, and solar panel technology for agricultural use.

Akuo is one of the biggest European market players in the RES market, active in 18 countries and having incorporated Greece into its strategy since 2018. Through its subsidiary, Akuo Energy Greece, it has applied for RES production licenses totaling 1 gigawatt (from solar and wind power), and recently it acquired three wind parks in Pella, Central Macedonia, investing €150 million.

The French energy giant is planning to autonomously develop photovoltaic systems totaling 750 megawatts in Greece, plus another 284 MW in cooperation with Italy’s Enel. The deal between the two market leaders in European RES for the local market is to be signed this week.

Akuo founder and chairman Eric Scotto came to Athens for the conference of the Hellenic Association for Energy Economics (HAEE) and told Kathimerini that Greece is one of the most well-endowed countries in Europe, enjoying plenty of wind and sunshine.

He added that one of the reasons the company decided to establish itself in Greece was hearing the Greek prime minister speak of the government’s decision to shut down all lignite-powered electricity plants by 2023, which offers a great opening for RES, he noted.

Greece’s great RES output capacity also offers a major opportunity for energy storage, which is also a condition for increasing the penetration of RES, Scotto stressed, revealing his company’s interest in the development of hybrid projects (photovoltaics and storage) on Greek islands not connected to the national grid.

He added that Akuo has already started discussing its investment plans for the development of hybrid systems on Greek islands with the market regulator and the competent authorities. However, how the plans work out will depend on when the Energy Ministry drafts the institutional framework for the payment of the projects’ output.


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