Renewables

China invests in Greek wind parks, IAE support investments in renewables

China, Greece, wind park investments

Photo: Pixabay

Published

November 4, 2017

Country

Comments

0

Share

Published:

November 4, 2017

Country:

Comments:

0

Share

China’s Shenhua Group has bought 75% stake in Copelouzos’s four wind farms. The transaction is the first investment of the Chinese company in wind parks in Greece and comes on a day when the IEA’s review found that current policies will not be adequate to guide the energy sector towards the long-term energy transition and when some private companies accused the Greek government for threatening the renewable energy market.

Acquisition of wind farms is implementation of the Development Agreement signed in May between China’s top coal miner and one of its largest power producers, Shenhua Group, and Greek company Copelouzos, which foresees the collaboration in the field of green energy and in environmental upgrading of power plants in Greece and neighboring countries, with total estimated value of EUR 3 billion.

Another agreement signed on the same day, November 2, is a three-party Memorandum of Understanding between Shenhua, Public Power Corporation (PPC) and Copelouzos, for the entrance of Chinese company as a partner in the joint venture of PPC and Copelouzos – PPC Solar solutions, Copelouzos said in a statement.

The International Energy Agency (IEA) presented latest in-depth review of Greece’s energy policies on the same day.

“Greece has a vast unexplored potential for renewable energy and we support the country’s efforts to explore this potential by interconnecting its islands with the mainland energy system,” said IEA Executive Director Fatih Birol.

The report also notes that Greece has made noticeable progress with its energy-sector reforms in recent years.

“The government of Greece should implement a long-term, stable, and market-based policy framework for renewable energy support, with simplified administrative one-shop procedures and a roadmap for future competitive auctions to 2020,” report recommends.

Energy companies annoyed by ‘late’ amendments to renewables law

The Greek government recently included an amendment in a bill for the protection of the built environment concerning hybrid renewable energy plants on islands not connected to the mainland electricity system, Euractiv reported.

The 2016 law stipulates that there should be a tender for all new renewable energy projects on the basis of the lowest price and then to sign a contract with the most economical project aiming to reduce the cost of the energy produced.

However, according to an amendment, a different procedure is envisaged for two pilot hybrid projects on the islands of Tilos and Ikaria. These projects will fall under the previous 2006 scheme and enjoy the old aid and subsidy arrangements as well as directly awarded contracts.

Aside from these projects, the derogation also covers less mature projects (without an environmental permit), which have secured EU funding, either as a whole or in part.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment

Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Romania’s Electrica takes over EUR 207 MW wind, solar portfolio from Monsson

Romania’s Electrica takes over EUR 207 MW wind, solar portfolio from Monsson

29 July 2021 - Distribution and supply company has bought firms which are developing two photovoltaic parks, and one wind farm.

Serbia to introduce incentives for households to install solar panels

Serbia to introduce incentives for households to install solar panels – minister

29 July 2021 - The Ministry of Mining and Energy will launch a public call for subsidies for solar panels at the beginning of September.

Bajgora wind park Kosovo linked grid overhead line

Bajgora wind park in Kosovo* linked to grid with 20-kilometer overhead line

29 July 2021 - KOSTT energized the 110 kV high-voltage line between substation Vushtrri 1 and wind power plant Bajgora of 105 MW, which is under construction

Sifnos island energy autonomy hybrid power plant

Sifnos island to achieve energy autonomy with hybrid power plant project

29 July 2021 - A wind farm and a pumped storage hydropower plant can meet the entire demand for electricity in the small Aegean island of Sifnos in Greece