The European Union has approved €1 billion in support for two renewable energy production and storage projects in Greece, the EU Commission announced on Tuesday.
The Faethon project, one of the two approved, covers the construction of two photovoltaic units, each with a capacity of 252 megawatts (MW), along with integrated molten-salt thermal storage units and an extra-high voltage substation.
This project aims to store excess energy for use during periods of high demand and enable the production of power during the day.
The second Seli project scopes the construction of a 309 MW photovoltaic unit with an integrated lithium-ion battery energy storage system, with the aim of optimizing electricity generation and grid stability.
Both projects are expected to be completed by the middle of 2025, and funding will be provided on an annual basis for a period of 20 years.
An estimated 1.2 terawatt-hours (TWh) of net renewable energy will be added to Greece’s electrical mix per year as a result of both projects. This corresponds to around 2.1% of Greece’s total electricity production in 2020. In addition, the two projects will boost renewable energy production by 8% compared to 2020 levels, the statement noted.
These projects will also contribute to achieving Greece’s climate and energy targets.
‘These €1 billion measures support two innovative renewable projects that will accelerate the green transition while minimizing potential distortions to competition. The measures will help the EU and Greece meet our decarbonization and climate neutrality targets, as well as reduce our dependence on imported fossil fuels, in line with the EU Solar Energy Strategy and the REPowerEU Plan,’ said Margrethe Vestager, the European Commission’s executive vice president.
Reporting by Ata Ufuk Seker in Brussels
