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

July 15, 2025
Australia’s Department of Climate Change, Energy, the Environment and Water (DCCEEW) has announced plans to run four new Capacity Investment Scheme (CIS) tenders by the end of 2025.
July 15, 2025
Malaysian utility company Tenaga Nasional Berhad has officially launched a floating solar pilot project, which could help unlock 2.2GW of generation capacity.
July 15, 2025
Ingeteam has expanded its footprint in Australia by announcing it will supply the 243MWp Maryvale Solar and Energy Storage Project in New South Wales.
July 14, 2025
Australian renewables developer Edify Energy has submitted plans for a 300MWac solar-plus-storage site in Victoria to Australia’s Environment Protection and Biodiversity Conservation (EPBC) Act.
July 14, 2025
ACWA Power has signed power purchase agreements (PPAs) with Saudi Power Procurement Company (SPPC) for five solar PV projects in the country.
July 14, 2025
Elements Green has secured €80 million (US$93.5 million) in financing from Danish investment firm Copenhagen Infrastructure Partners (CIP).

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK