Greece installs first solar plants under new support scheme for renewables

November 10, 2017

Photo: Hellenic Petroleum
Greece installs first solar plants under new support scheme for renewables

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.