EU approves €1 billion State aid measures to support renewables and storage projects in Greece

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The European Commission has approved, under EU State aid rules, 1 billion euro Greek measures to support two projects for the generation and storage of renewable energy in Greece.

First, the Faethon Project entails the construction of two photovoltaic units, each with a capacity of 252 megawatts (MW), along with integrated molten-salt thermal storage units and an extra-high voltage substation. This project aims to enable electricity generation during the day and to allow for the surplus energy to be stored. The surplus will be converted into electricity to be used during times of peak consumption, such as evenings and nights.

Second, the Seli Project entails the construction of a 309 MW photovoltaic unit with an integrated lithium-ion battery energy storage system. This project aims to optimise electricity generation and grid stability. Both constructions are planned to be completed by mid-2025.

Both projects are expected to increase the annual net renewable energy in the Greek electricity mix by approximately 1.2 terawatt-hours (TWh). This represents around 2.1 per cent of Greece’s total electricity production in 2020. In addition, the two projects will boost renewable energy production by 8 per cent compared to 2020 levels. The storage units in both projects will help decouple electricity dispatch from production, thereby mitigating the intermittent nature of solar power and enhancing the stability of the Greek electricity grid.

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