Greece Renewable Energy projects 2024

In recent years, Greece has significantly increased its renewable energy (RES) production and consumption, hitting a record high in 2023 in wind, solar and hydroelectric energy output. Power produced by renewables and hydroelectric plants accounted for 57% of Greece’s energy mix, an 8.5% rise from 2022 according to the country’s Independent Power Transmission Operator IPTO. 

The Greek government is positioning Greece as an eventual energy hub for the Balkan region and Europe. Greece will submit an updated energy and climate plan to the EU in June 2024 which will reflect is continued commitment to increasing RES production. On November 13, 2023, the U.S. Agency for International Development (USAID) signed a Memorandum of Understanding with the Greek government to improve energy security and collaboration in western Balkans.  

During the 2023 COP28 conference, over 130 countries committed to tripling the installed capacity of RES to about 11 terawatts by 2030. According to the International Renewable Energy Agency (IRENA), although this target is technically achievable and financially viable, it requires commitment, political support in terms of policy and regulations revisions coupled by scalable investments. The G20 Member States will need to increase their RES capacities from below 3TW in 2022 to 9,4 TW by 2030.  

The Greek government submitted their updated National Plan for Energy and Climate (ESEK) to the European Commission in 2023, which sets ambitious renewable targets by 2030. Although there are opportunities for U.S. renewable energy firms, they face steep competition from Chinese and European competitors, particularly in certain sub-sectors like wind turbine production.

Please see below for examples and a weblink listing planned or existing RES projects in Greece per subsector.

Photovoltaic/Solar Projects
6.5GW of PV projects are already in operation and connected with the electricity grid and another 12.4GW will be connected to the grid by 2030. These include more than 24 planned PV projects across Greece mostly located in central and southern Greece. Please visit link (available in Greek language) for list of projects at: https://www.rae.gr/ilektrismos/adeiodotisi-ilektrismou/mitroo-adeion-ilektrikis-energeias/.

Three examples of PV projects include:
• 47.6MW project at Panagia, Fthiotida  – received environmental license – managed and operated by Solar Now.
• 12.6MW project at Karliga area, Larissa – received environmental license – managed and operated by KL Solar 2 Monoprosopi S.A. 
• Two PV stations of 19.95MW each at Amfilochia, Aitoloakarnania - received environmental license – managed and operated by X. Rokas AVEE

Wind Projects
5GW of Wind projects are already in operation and connected with the electricity grid and another 2.8GW plan to be connected to the grid by 2030.  For more information on the top 20 wind energy producers by MW capacity in the Greek market, please see the following report by the Hellenic Wind Energy Association (HWEA): https://eletaen.gr/wp-content/uploads/2024/01/2024-01-18-2023-HWEA_Statistics-Greece.pdf

Offshore Wind Projects
The Greek government anticipates that over 7 billion euro will be invested in the development of offshore wind parks to achieve the goal of Greece’s Energy Plan (ESEK) of 1.9GW. According to the CEO of the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), twenty-five areas throughout Greece have been identified for the possible development of offshore wind farms. These areas cover 2,712 square kilometers and could host 12.4GW. The Independent Power Transmission Operator S.A. (IPTO) is expected issue a decision to reserve electrical space for the connection to the system of the estimated power of the offshore wind projects. 
Greece is planning the following pilot projects:
•    600 MW in Evros and Samothraki (already licensed projects)
•    600 MW in Crete Island
•    250 MW projects are underway for the Cyclades (on the islands of Syros, Paros and Naxos)
•    200 MW projects on Cycladic islands near Attica as well as in the South Evia
•    350 MW projects in the Dodecanese islands

Energy production and Storage
Energy production and storage is crucial to integrate renewable energy sources into the Greek electricity system, with a goal of having battery storage capacity of 3.1GW by 2030. Greece’s National Energy Plan (ESEK) states that high-RES penetration should be accompanied by the development of required storage (mainly battery and pumped storage technology) to shift and accommodate excess RES energy.

Planned Energy storage systems:
The Greek Regulatory Authority for Energy and Water (RAEW) has approved more than 35 projects throughout Greece, most of which are in northern and central Greece.  You may find the full list of projects in Greek language at link https://www.rae.gr/ilektrismos/apothikeysi-ilektrismou/  

Three examples include:
• 467MW hydroelectric project with energy storage capacity of 9,646MW at northern Greece, Sfikias area, Imathia –managed and operated by PPC Renewables.
• 156MW energy storage from hydroelectric plant of 150MW at western Macedonia, Mavropigi area, Kozani – managed and operated by PPC Renewables.
• 460MW energy storage from hydroelectric plant of 432MW at Vegoritida Lake area, Amydeo, Florina –managed and operated by PPC Renewables.

Hydroelectric projects
The utilization of Greece’s hydroelectric potential is a priority for the Greek government to assist the stabilization of the electricity grid. The total installed capacity of hydroelectric projects (HEE) is expected to reach 3,800MW by 2030, from 3,100MW installed to date. 
Altogether, Greece has 7 planned hydroelectric projects to include the following:
•    The Avlaki project at Acheloos river with a capacity of 83.6-100MW undergoing licensing procedures
•    0.94MW project at Amigdalies area, Ioannina – under public consultation 
•    0.54MW project at Pigi Monis Kipinas area, Ioannina – under public consultation 
•    1.66MW project at Klinovitiko area, Trikala  – received environmental license
•    1.65MW project at Aidonochoriou & Loutropigis area, Karditsa  – under public consultation 
•    1,280kW project at Sminthi area, Xanthi – received environmental license 
•    0.90MW project at Eiras area, Messinia – under public consultation

Hydroelectric projects under construction:
•    160MW Mesochora hydroelectric project – managed and operated by PPC Renewables. The project is expected to be in operation by the end of 2025.
•    29MW Metsovitikos hydroelectric project – managed and operated by PPC Renewables.
•    Amfilochia hydroelectric project with a total installed capacity of 680 MW (production) and 730 MW (pumping). The project consists of two independent upper reservoirs: Aghios Georgios area with a 460 MW pumped storage station and Pyrgos with a 220MW pumped storage station and a common lower reservoir, Kastraki Lake – managed and operated by Terna Energeiaki.
•    Modernization of 10.8MW hydro pump station Makrochori I, Imathia through its participation in the European iAMP-Hydro program (Intelligent Asset Management Platform).  The project aims to develop hardware and software and implement digital solutions to optimize the operation of existing hydroelectric projects. The project is managed and operated by PPC Renewables

For more information on opportunities for U.S. firms, please contact U.S. Commercial Service Greece’s Renewable Energy Industry Specialist Teresa Gile at Teresa.Gile@trade.gov.