/3rd January 2020, RENEWABLE MARKET WATCHTM/ The On Thursday 20 February 2020, HELAPCO (The Hellenic Association of Photovoltaic Companies) will organize the leading business and strategic event for the Greek solar energy market: Photovoltaic 2020. Once again, a diverse group of local and international developers, investors and other stakeholders will be gathering to explore the opportunities in the growing Greek solar photovoltaic (PV) market together. With its high quality, it provides an exceptional value for developers, investors, equipment manufacturers and stakeholders. The timing is now perfect for renewables industry market entrants who wish to play a role in this rapidly transforming market. The levelized cost of new solar PV energy in Greece is lower than the levelized cost of new lignite and gas‐fired power plants. This was unimaginable a few years ago. Greece also has a self‐consumption scheme (net‐‐metering) in place for residential and commercial solar photovoltaic power systems (up to 1 MWp). A new support scheme for renewable energy, consistent with the Guidelines on State aid for environmental protection and energy 2014‐2020 (and based on competitive tenders and feed‐in‐premiums) was introduced in 2016. Prime Minister Kyriakos Mitsotakis’ pledge to phase out the country’s lignite-fired power fleet by 2028 has come as an energy policy earthquake and constituted ‘a decision of historic importance’. The Greek Energy Ministry announced that renewable energy should provide 35% of Greece’s final energy consumption in 2030, up from a 20% target next year. That ambition would require renewables to generate more than 65% of Greece’s electricity in 2030.
Corporate PPA's, Subsidy-free Solar PV projects and Energy Storage in Greece
The new EU Target Model will become effective in Greece as of H2‐2020, according to information from HELAPCO (The Hellenic Association of Photovoltaic Companies). Solar PV projects will have to participate in the energy markets that will operate as of next year, and especially the Balancing Market. When this market becomes operational, corporate PPA's will also become effective, opening new real opportunities for solar PV investors, as the levelized cost of solar PV projects is already competitive to wholesale prices. Many industrial consumers are looking forward to this new business model. The other market which will be of particular interest after 2020 is the PV plus storage market. There are already many applications for hybrid projects in the non‐interconnected islands, but there is certainly a need for in front of the meter projects in the mainland as well. The regulatory framework for storage will be finalized in 2020.
Key Solar Projects in Greece
Juwi’s 204 megawatt solar park won at auction in Greece. With the Kozani solar park, the project developer secures almost 50 percent of the auction volume. The awarded project, which is the largest solar project in South-East Europe, is located in the north of Greece about 15 kilometres away from the city of Kozani. In December 2019, juwi began with constructing the solar park on an area of more than 400 hectares. It is scheduled to be connected to the grid by April 2021. The solar park is expected to produce more than 300 million kilowatt-hours of electricity annually. juwi acquired the project rights in November 2017 and developed the project to market maturity.
Greek company PPC Renewables SA, which is part of the PPC SA (Ath:PPC) has signed a memorandum of agreement with the United Arab Emirates and Finnish consortium Masdar Taaleri Generation DOO (MTG) to develop in partnership a 300MW wind and solar project in Greece. MTG is a joint venture between Masdar, an Abu Dhabi renewable energy company, and Finnish wind and solar developer Taaleri Energia Ltd to develop renewable energy projects in Central and Eastern Europe. PPC Renewables is also seeking permits from Greece’s Regulatory Authority for Energy to develop 1.5GW of solar power capacity at its former lignite fields in western Macedonia and in Megalopoli in the Peloponnese. The company is also talking to other Greek and foreign companies to develop its projects.
SPI Energy Co., Ltd. (NASDAQ: SPI), a global provider of renewable energy solutions and crypto-miner hosting services for residential, commercial and utility customers, today announced that SP Orange Power (Cyprus) Limited (“ SP Orange”), a subsidiary of the Company, has completed its previously announced second-stage acquisition of 100% of the equity interest of HELIOHRISI S.A., which owns 1.998 megawatts ("MW") of photovoltaic projects in Greece, from THERMI TANEO Venture Capital Fund (“TTVCF”) with the purchase price of €1.7 million per MW.
The more information about the renewable energy market in Greece, including full contact details of renewable energy project owners, developers and stakeholders, you may read here: ’Central East and South-East Europe Solar Photovoltaic (PV) Power Market Outlook 2019÷2028’. Furthermore, you may receive up to 4 quarterly updates.
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