The European Commission has approved €1 billion ($1.08 billion) of Greek measures under EU state-aid rules to support two utility-scale solar projects with lithium-ion batteries and molten-salt thermal storage. The funds will take the form of a contract for difference (CfD) over a period of 20 years.
The European Commission has approved the provision of €1 billion in Greek state aid to support the construction of solar projects with a cumulative capacity of 813 MW, coupled with different type of energy storage systems.
The funds will be divided between two projects. The Faethon Project entails the construction of two PV plants, each with a capacity of 252 MW, along with integrated molten-salt thermal storage units and an extra-high voltage substation. This project aims to provide peak shaving services.
The Seli Project entails the construction of a 309 MW PV plant coupled with a lithium-ion battery energy storage system. This project aims to optimize electricity generation and grid stability.
Both projects are planned to be completed by mid-2025.
The aid will take the form of a two-way CfD, based on the difference between the market price and an agreed "strike price,” over a period of 20 years.
"The measures will help the EU and Greece meet our decarbonization and climate neutrality targets, as well as reduce our dependence on imported fossil fuels, in line with the EU Solar Energy Strategy and the REPowerEU Plan," said Margrethe Vestager, European Commission executive vice-president in charge of competition policy.
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Greece''s energy sector has been experiencing an ongoing policy reform fever in the last two years that is now extending to energy storage, net metering and small solar farms. The reforms will boost the country''s energy transition.
Greece''s new energy policy reform is expected to benefit storage projects and speed up the licensing process for PV projects.
Image: dominickvietor/Pixabay
The Greek government has completed its wide-ranging policy framework that is expected to reshape the energy sector and also benefit energy storage projects. The bill is now headed to parliament.
Earlier this month, Greek environment and energy minister Kostas Skrekas presented the framework to cabinet ministers.
The reform includes policies that target three categories of storage projects: stand-alone energy storage; combined storage with renewable power systems; and storage projects installed by Greece''s electricity consumers.
Most crucially, storage projects installed alongside renewable energy systems that do not charge from the electricity network will be eligible to participate in the county''s renewable energy tenders.
However, combined storage and renewables systems that are able to charge using the network won''t be able to participate in the tenders.
Similar sub-categories will also be set for storage projects installed by electricity consumers (e.g net metered consumers that also install on-site batteries). Specifically, the forthcoming policy framework will differentiate between behind-the-meter and front-of-the-meter storage systems. Systems that do not inject power in the network will not need a license.
Upon approval of the bill by Greece''s parliament, the country is expected to run its first energy tenders in the beginning of next year. Greece had initially said it would run energy tenders for 700 MW of energy storage by the end of 2021, but the tenders are now expected to take place in the first quarter of 2022.
The energy storage policy framework will comprise part of the country''s upcoming environmental bill, which is the second major legislative effort of the current government since taking office in July 2019.
The first major bill passed in July 2020, speeding the renewables licensing process and introducing an electric vehicles policy.
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