Renewables

Greece installs first solar plants under new support scheme for renewables

Photo: Hellenic Petroleum

Published

November 10, 2017

Country

Comments

comments icon

0

Share

Published:

November 10, 2017

Country:

Comments:

comments icon

0

Share

Greece has installed 8.6 MW of new large-scale solar PV plants under its new policy framework for the support of renewable energy sources. The first large-scale solar PV installations in the country since 2015 were installed by Hellenic Petroleum Renewable Energy Sources.

The newly added capacity comprises two PV plants of 1 MW and 4 MW each respectively, while a third 3.6 MW PV plant is also installed and will connect to the grid in the following days, PV magazine reported.

Greece’s Hellenic Petroleum, a company that focuses mainly on the supply, refining and trading of petroleum products founded Hellenic Petroleum Renewable Energy Sources in 2006.

The company installed plants through Greece’s new policy framework for the support of renewable energies which is based on auctions and rewards successful projects with feed-in premiums.

First ever tender under the new policy scheme was launched in December 2016, awarding 40 MW of projects.

According to Greece’s new policy framework for renewable energies, the winning projects will be given a variable premium, on top of the standard market price for the generated electricity. The amount of the premium will depend on certain market variables and the feed-in premium will be valid for 20 years.

Three solar PV plants are part of the wider Hellenic Petroleum’s strategy to diversify activities into the area of renewable energy.

The European Bank for Reconstruction and Development (EBRD) has supported Hellenic Petroleum’s diversification by subscribing to EUR 28.3 million in bonds issued by the Greek company.

The funds will support the company in developing a pipeline of photovoltaic and wind projects with a combined capacity of 190 MW.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment

Related Articles

Bulgaria IBEX registration market guarantees of origin electricity

Bulgaria’s IBEX opens registration for market of guarantees of origin of electricity

01 April 2025 - The Independent Bulgarian Energy Exchange (IBEX) is registering entities interested in participating in a market for guarantees of origin

Greek renewable energy investments viable in the long-term, says Aurora Energy

Greek renewable energy investments viable in long term, says Aurora Energy

01 April 2025 - Aurora Energy published a long-term outlook about prices, renewable energy and battery investments in Greece

hybrid solar projects LCOE batteries BESS wind solarpower europe

Hybrid solar cuts levelized cost of electricity 10% compared to standalone projects

31 March 2025 - Hybrid solar supports system flexibility, improves the cost-effectiveness of an asset, and makes energy generation more reliable

ja solar Borussia Dortmund signal iduna park

Largest solar power plant on football stadium to be installed at Signal Iduna Park

28 March 2025 - The home of Borussia Dortmund is set to become the site of the world's largest solar power plant installed on a stadium roof