EC clears EUR-1bn Greek state aid for two solar-storage projects

European Commission. Author: Sébastien Bertrand. License: Creative Commons, Attribution 2.0 Generic.

The European Commission has cleared the provision of EUR 1 billion (USD 1.08bn) in state aid for the realisation of two solar-plus-storage projects in Greece with a combined power generation capacity of 813 MW.

One of the schemes is the Faethon project which envisages the construction of two solar sites each with a capacity of 252 MW. The plant will be supported by integrated molten-salt thermal storage units and an extra-high voltage substation.

The second project, dubbed Seli Project, is for a 309-MW solar site which will be backed by a lithium-ion battery energy storage system (BESS).

Construction works on both projects are scheduled to be completed by mid-2025. Once commissioned, the solar farms will produce about 1.2 TWh annually.

The state aid will take the form of a two-way contract for difference with a term of 20 years. Payments will be made on an annual basis.

(EUR 1 = USD 1.081)

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