ECONOMY

Investors keen on solar power projects in Greece

investors-keen-on-solar-power-projects-in-greece

Investment prospects in the renewable energy sector look promising. From December 1-18, 1,500 applications for projects representing 15 gigawatts of power were submitted to the Regulatory Authority for Energy (RAE) and 20 GW could be reached by today’s deadline. 

Most applications were from foreign companies and funds.

Over 80% of applications concern photovoltaic projects. RAE approved 23 GW worth of projects in November. 

If all projects were to go ahead, one would need about 35,000 hectares, roughly the size of the island of Lefkada, and 20 billion euros in investment. Globally, only a fraction of such projects are implemented, and Greece also has a storage issue.

Total installed renewable energy, from all sources, is 10.5 GW and experts say an additional 1 GW, without added storage capacity, could destabilize the system.