Thousands of Greek solar farm owners have been struggling to service their bank loans due to high curtailment levels and zero or negative power prices.
According to the Panhellenic Federation of Photovoltaic Producers (POSPIEF), 4,000 mostly small-sized producers with solar farms of over 400 kW are now “in the red.” Their income has declined by more than 40% this year, making it difficult to service monthly loan repayments to banks.
The problem has also led to a wave of acquisitions, with about half of those projects already sold off.
The sector expects the situation to deteriorate further, amid rising interest rates globally and in the EU. Most solar investors have signed bank loans with variable interest rates, meaning their repayments are set to increase.
Wholesale prices offer a glimmer of hope
One ray of hope is the recent rise in wholesale prices. So far in September, the Greek day-ahead price has reached EUR 159 per MWh, compared to EUR 133 in August and EUR 109 in July.
Under a recent government decree, producers with contracts for difference (CfD) are not remunerated for their production if the price falls below zero for more than two consecutive hours.
The entire daily price curve has shifted upward in recent weeks, resulting in fewer negative prices compared to previous months. It remains to be seen whether this will be enough to offset some of the losses for solar farms.
Batteries provide little relief
Official data shows that about 10% of renewable production was curtailed in June 2026, and that the rate fell to 4.5% in July. The country’s first standalone battery units averted 13.6% of monthly curtailments.
However, installations tend to rise faster in solar energy than in storage. The market expects about 3 GW of new photovoltaics this year, compared to about 700 MW of batteries.
