According to a report from newnet and Bloomberg, Lucas Papademos, Greece’s Prime Minister, announced plans to develop the US$27 billion Helios solar project, citing renewable energy as a priority for the economically challenged country. Papademos advised that he looks to the plant as being a way to help Greece’s economy prosper while exporting clean energy. The Helios project aims to install up to 10GW of solar panels by 2050.

Papademos commented, “In the last few years, talk has centred on Greece’s fiscal discipline. But fiscal harmonisation isn’t enough for development. The energy sector gives Greece an opportunity to become a hub for the European Union and third countries.”

The solar project will feature a long-term cooperation agreement between Greece and other EU member states. However, Guggenheim Partners, an advisor to the Greek government, noted that the project will need to draw both industry and financial investors for its successful completion.