Greece to hit its 2030 goal for solar power already next year

The Greek solar sector is at a crossroads, as growth and profitability will be dictated by energy storage installations.

The levelized cost of energy (LCOE) for fixed-tilt utility-scale photovoltaics in the country is EUR 33 per MWh, among the lowest in Europe, according to Wood Mackenzie. It is expected to drop further in the following years, landing at EUR 30 per MWh in 2030, after which it would reach EUR 40 per MWh in 2040, based on projections that Research Analyst Victoria Ortega showed at a Solarplaza event in Athens.

The Greek market is expected to add 2.5 GW of solar this year, with the total reaching 12.2 GW. In fact, the country will achieve its 2030 goal of 13.5 GW during 2026, said Policy Advisor Stelios Psomas of the Hellenic Association of Photovoltaic Companies (HELAPCO).

However, profitability in the PV segment has taken a hit, as a result of low wholesale prices and curtailments. Research group Baringa estimates that investments at risk of being delayed amount to EUR 2.25 billion.

More storage needed by 2030

In order to maintain momentum, the solar market needs energy storage. Standalone battery investments are at 6.4 GW in various stages of development and the first systems are projected to come online by next spring. HELAPCO warns that 8 GW would be needed by 2030 to balance the market.

Based on data from the Independent Power Transmission Operator (IPTO), grid connection offers have been given so far for storage units of a total of 1,468 MW in operating power and a guaranteed capacity of 3,420 MWh. It translates to 2.3 hours on average.

HELAPCO estimates that more support is needed for behind-the-meter systems, where it expects 300 MW to get a green light in 2026.

The sector also needs support for residential and commercial storage.