EuroNews (English)

Commission clears €1bn Greek aid for renewables

- Marta Pacheco

The European Commission today (April 2) announced it had cleared the way for Greece to invest €1bn to support two landmark renewable energy production and storage projects to be completed by mid-2025.

The Faethon Project foresees constructi­on of two photovolta­ic units, each with a capacity of 252 MW, along with integrated molten-salt thermal storage units and an extra-high voltage substation.

This project is designed to enable surplus energy to be stored and converted for use in times of peak electricit­y consumptio­n.

The Seli Project, entails the constructi­on of a 309 MW photovolta­ic unit with an integrated lithium-ion battery energy storage system, aimed at optimising electricit­y generation and grid stability.

The funds were cleared for use under the EU State Aid rules, on the grounds that the support was necessary and appropriat­e to fulfil EU decarbonis­ation goals.

“The measures will help the EU and Greece meet our decarbonis­ation and climate neutrality targets, as well as reduce our dependence on imported fossil fuels,” said Executive Vice-President Margrethe Vestager, responsibl­e for competitio­n.

The EU executive expects both projects to boost renewable energy production in Greece by 8% compared to 2020 levels, according to a statement on the decision.

The storage units in both projects are designed to help decouple electricit­y dispatch from production and to mitigate the intermitte­nt nature of solar power, achievemen­ts considered “crucial” by the EU executive to provide “flexibilit­y, stability, and reliabilit­y” of future energy systems.

“System flexibilit­y is particular­ly needed in the EU's electricit­y system, where the share of renewable energy is estimated to reach around 69% by 2030 and 80% by 2050,” the Commission’s said in the statement.

 ?? ?? Thanassis Stavrakis / AP
Thanassis Stavrakis / AP

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