Greece approves 2.8GW renewables investment

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Flickr

The Greek government has approved four investments into new renewable energy projects totalling 2.8GW capacity as part of the country’s economic recovery from the COVID-19 pandemic.

More than €2 billion (US$2.44 billion) is to be spent on four investment projects in renewable energy plants, including €888 million (US$1.83 billion) on 1.5GW of solar PV parks across 12 regions of Central and Northern Greece, and a further €421.6 million (US$514.1 million) on 37 PV plants with a total capacity of 830MW in Larissa, Magnesia and Kilkis.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The remaining investment will go towards one offshore wind development with 360MW, and a 120.3MW onshore wind project in Xanthi and Rodopi.

Greece’s state-owned Public Power Corporation has been tasked with developing the solar parks as part of a wider €5 billion (US$5.94 billion) roadmap to support the phase-out of coal generation by 2028. The company has an interim target of 1.1 – 1.4GW of installed solar PV capacity by 2024.

Minister for development and investment Adonis Georgiadis said the adoption of strategic investments to fund the country’s solar expansion “continues uninterrupted” despite the economic disruption brought on by COVID-19.

The funding was given the green light by Georgiadis, finance minister Christos Staikouras, minister of environment and energy Kostis Hatzidakis, culture and sport minister Lina Mendonis, agricultural minister Makis Vorides, secretary general of private investments Orestis Kavalakis and Akis Slavos, director of strategic investments, during a virtual meeting on 21 December.

Greece is not the only country pinning hopes on the renewable energy sector to aid economic recovery. The government of Queensland, Australia, is investing AU$145 million (US$109 million) to establish three renewable energy zones (REZ) across the state, while Victoria lawmakers started a process to test industry interest in renewables projects in September. In the US, incoming President Joe Biden is expected to make a transition to solar power a cornerstone of his time in office, having earmarked US$1.7 trillion for green spending during his campaign.

The deputy minister for development and investment, Nikos Papathanasis, said investment in solar projects is “imperative” to job creation and a rebound from the global pandemic.

“We adopt strategic investments and create a dynamic business environment,” he said, “removing barriers and speeding up processes.”

Greece’s environment and energy ministry have also attempted to shorten lengthy licensing processes for renewable energy projects, in a bid to free gigawatts’ worth of installations facing waiting times of up to eight years.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

May 21, 2025
Carlyle has launched a new platform called Revera, dedicated to renewable energy, energy storage, and hydrogen projects in Australia and UK.
May 20, 2025
Octopus Australia has received grid connection approval from AEMO for a 300MW solar-plus-storage site in New South Wales.
May 20, 2025
Australia’s Victoria government has proposed seven REZ for the state, emphasising these will help achieve its target of 2.7GW of utility-scale solar PV generation by 2040.
May 19, 2025
Swedish solar developer OX2 has received development consent from the New South Wales government in Australia for a 90MW solar-plus-storage project.
May 19, 2025
New data released by Australia’s Clean Energy Regulator (CER) has noted that 553MW of capacity was approved in the NEM in April.
May 18, 2025
Developer Elgin Energy has secured grid connection approval from the Australian Energy Market Operator (AEMO) for a 150MW solar-plus-storage site in Victoria.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 21, 2025
London, UK
Solar Media Events
June 17, 2025
Napa, USA
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 8, 2025
Asia