The European Payment has accepted €1 billion ($1.08 billion) of Greek measures beneath EU state-aid tips to help two utility-scale photograph voltaic duties with lithium-ion batteries and molten-salt thermal storage. The funds will take the kind of a contract for distinction (CfD) over 20 years.
The European Payment has accepted the provision of €1 billion in Greek state help to help the event of photograph voltaic duties with a cumulative functionality of 813 MW, coupled with utterly different types of vitality storage strategies.
The funds will in all probability be divided between two duties. The Faethon Enterprise entails the event of two PV vegetation, each with a functionality of 252 MW, along with built-in molten-salt thermal storage objects and an extra-high voltage substation. This enterprise’s purpose is to supply peak shaving firms.
The Seli Enterprise entails the event of a 309 MW PV plant coupled with a lithium-ion battery vitality storage system. This enterprise’s purpose is to optimize electrical vitality period and grid stability.
Every job is consider to be achieved by mid-2025.
The assistance will take the kind of a two-way CfD, primarily based totally on the excellence between the market value and an agreed “strike value,” over 20 years.
The measures will contribute to Greece’s native climate and vitality targets, along with the targets of the European Inexperienced Deal, which targets for web zero emissions of greenhouse gases in 2050. They might additionally help the “Match for 55” bundle deal, which targets a reduction in internet greenhouse gasoline emissions of at least 55% by 2030.
“The measures will help the EU and Greece meet our decarbonization and native climate neutrality targets, along with scaling again our dependence on imported fossil fuels, in keeping with the EU Picture voltaic Energy Method and the REPowerEU Plan,” acknowledged Margrethe Vestager, European Payment govt vice-president accountable for rivals protection.
Greece put in 1.59 GW of photograph voltaic in 2023, bringing its cumulative PV functionality to 7.1 GW by the tip of December. It was the nation’s largest addition of photograph voltaic functionality in a single 12 months, up from 1.36 GW of photograph voltaic deployed in 2022.
In its revised National Energy and Climate Plan (NECP) launched last 12 months, Greece proposed to carry its cumulative renewable vitality functionality to 23.5 GW by 2030 and to 71.7 GW by 2050. Picture voltaic is predicted to contribute the lion’s share of the most recent additions accounting for 14.1 GW by 2030 and 34.5 GW by 2050.
Energy storage may also be anticipated to play an excellent operate consistent with the revised plan with the federal authorities aiming for 5.3 GW vitality storage functionality by 2030 and as a lot as 24.8 GW by 2050. This may include 3.1 GW of battery vitality storage strategies by 2030, primarily pushed by storage tenders, and 22.6 GW by 2050.
