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EU greenlights 1 billion Greek state aid for renewable energy projects

In a significant move towards bolstering renewable energy infrastructure, the European Commission has given the green light to €1 billion in Greek state aid measures. These measures aim to support pioneering projects focused on both the generation and storage of renewable energy within Greece.

Boosting renewable energy integration

The approved projects are set to play a pivotal role in aligning with Greece's climate and energy objectives, as well as the broader goals of the European Green Deal and the 'Fit for 55' package. By facilitating the integration of renewable energy sources into the Greek electricity system, these initiatives mark a crucial step forward in advancing sustainable energy practices.

Faethon project: a leap towards solar power

The Faethon Project, a centerpiece of this endeavor, will see the construction of two photovoltaic units, each boasting a capacity of 252 MW. Accompanied by cutting-edge molten-salt thermal storage units and an extra-high voltage substation, this initiative is designed to enable efficient electricity generation throughout the day, with surplus energy strategically stored for peak consumption periods.

Seli project: pioneering grid stability

Complementing the Faethon Project, the Seli Project focuses on constructing a 309 MW photovoltaic unit integrated with a lithium-ion battery energy storage system. This innovative setup aims to optimize electricity generation while enhancing grid stability, ensuring a seamless transition towards renewable energy dominance.

Aid mechanism ensuring long-term stability

Underpinning these projects is a two-way contract for difference spanning two decades. This mechanism ensures price stability for renewable energy producers, balancing returns in periods of varying market prices. The aid structure safeguards against overcompensation, fostering a sustainable environment for renewable energy investment.

Commission's thorough evaluation

The Commission's approval, in line with EU State aid rules, underscores the projects' alignment with decarbonization objectives. Notably, the aid's limited impact on competition and trade within the EU reflects a well-calibrated approach to fostering innovation and sustainability.

Looking ahead

These approved measures represent a significant stride towards bolstering renewable energy infrastructure in Greece. By leveraging state aid to support groundbreaking projects, Greece and the EU are poised to accelerate the transition towards a greener, more sustainable future.

Margrethe vestager's perspective

Commenting on the approval, Margrethe Vestager, Executive Vice-President in charge of competition policy, emphasized the transformative impact of these measures. Vestager highlighted their pivotal role in advancing the green transition while mitigating potential distortions to competition, underscoring their alignment with EU climate neutrality targets and the Solar Energy Strategy.

With the Commission's stamp of approval, Greece is set to lead by example in embracing renewable energy innovation, charting a course towards a cleaner, more resilient energy landscape.


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