Greece approves 813MW photovoltaic+solar thermal+energy storage project

Recently, the Greek government has received funding of 1 billion euros (1.1 billion US dollars) from the European Commission to support two solar photovoltaic projects with a total capacity of 813 megawatts.

Among them, the Faethon project will have two units, each with a capacity of 252 megawatts. The project will use a molten salt thermal storage device and an ultra-high voltage substation, with plans to supply electricity during the day and store excess electricity for backup use during peak hours. Another Seli project, with an installed capacity of 309 megawatts and equipped with a lithium-ion battery energy storage system. Two projects are expected to be completed by mid-2023.

The government's funding will take the form of a two-way contract. Under a two-way price difference contract, power operators sell electricity to the market and pay or collect the difference between the market price and the pre agreed execution price with public entities. When the market price is lower than the execution price, the company has the right to receive payment. The government funding is approved in accordance with the fair competition rules of the 27 member states of the European Union and will be paid annually for a period of 20 years.

Margrethe Vestager, Executive Vice President of Competition Policy of the European Commission, stated in a statement that "these measures will help the EU and Greece achieve decarbonization and climate neutrality goals, and reduce Greece's dependence on imported fossil fuels, in line with the EU's solar strategy and REPowerEU plan.".