July 6, 2024

Greece Approves New 303.7-MWp Solar Park

The Greek Ministry of Environment and Energy has approved the construction of a 303.7-MWp solar park complex in Central Macedonia, Greece. SVS Group, a Greek company partly owned by Green Investments MAE, will undertake the project.

Boosting Renewable Energy Goals

The Greek Ministry of Environment and Energy has greenlit a significant new solar energy project set to bolster the country's renewable energy capacity. Approved for construction in the Central Macedonia region, the 303.7-megawatt peak (MWp) solar complex marks a pivotalP step towards Greece's ambitious climate and energy targets.

Developed by SVS Group, a Greece-based company majority-owned by Green Investments MAE, the expansive photovoltaic (PV) complex will span across 18 plants situated in Melenikitsi village, Serres. Notably, these sites are strategically chosen to avoid protected areas such as national forests and wetlands, underscoring environmental sensitivity in the project's planning.

The infrastructure of the solar parks will be robust, featuring 532,871 monocrystalline, double-sided silicon solar panels, each boasting an impressive capacity of 570 Watts. These panels, manufactured by China's Jinko Power Technology Co Ltd., are designed to maximize solar energy capture efficiency. The project will also integrate 1,078 inverters provided by Huawei Technologies Co Ltd., ensuring optimal power conversion and distribution.

In addition to solar farms, the initiative includes the installation of a new 400 kilovolt (kV) double-circuit overhead transmission line spanning 680 meters (2,230 feet). This infrastructure upgrade aims to enhance the efficiency and stability of electricity transmission from the solar complex to the broader grid network.

Aligning With European Union’s Climate Goals

The approval of this project aligns with broader European Union (EU) initiatives aimed at promoting sustainable energy practices. Earlier this year, the European Commission sanctioned €1 billion ($1.08 billion) in state aid to support large-scale solar projects in Greece. These funds, structured under a Contract for Difference (CfD) mechanism over 20 years, will facilitate the development of projects like Faethon and Seli, each designed to incorporate advanced energy storage solutions for grid optimization and stability.

Margrethe Vestager, the European Commission's executive vice-president for competition policy, emphasized the significance of these measures in advancing EU climate goals. "The projects will contribute to Greece's decarbonization targets, reducing reliance on imported fossil fuels and promoting renewable energy integration," Vestager stated.

National Energy and Climate Plan

Greece has demonstrated remarkable growth in its solar energy sector, with 1.59 gigawatts (GW) of new solar capacity added in 2023 alone, bringing the cumulative PV capacity to 7.1 GW by the year's end. This surge underscores Greece's commitment to its National Energy and Climate Plan (NECP), which targets expanding renewable energy capacity to 23.5 GW by 2030 and 71.7 GW by 2050. Solar energy is slated to play a pivotal role, with projections indicating a significant increase to 14.1 GW by 2030 and 34.5 GW by 2050.

Energy storage solutions are equally pivotal in Greece's energy transition strategy, with plans to deploy 5.3 GW of energy storage capacity by 2030, escalating to 24.8 GW by 2050. This includes substantial investments in battery energy storage systems, projected to reach 3.1 GW by 2030 and 22.6 GW by 2050, underscoring Greece's commitment to grid stability and energy security.

The approval of the 303.7-MWp solar complex in Central Macedonia marks a significant milestone in Greece's renewable energy journey, aligning with EU directives and bolstering the nation's leadership in sustainable energy development. As construction commences, stakeholders anticipate tangible benefits for the environment, energy independence, and economic growth, positioning Greece at the forefront of Europe's green energy revolution.

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