An array of new investment plans were announced in Greece in May, ranging from mega PV projects to battery and electric vehicle production, as well as a move to smart green islands. pv magazine explores the state of these investments and links them to the country’s general policy frameworks – most notably, Greece’s master plan to boost green investments in former lignite regions and establish a new type of economy.

Developer Terna Energy claims the Amphilochia pumped hydroelectric energy storage project has entered the final stretch. If built, the large scale facility can boost Greece’s independence from fossil fuels and the government’s strategy for a coal-free electricity system by 2025.

Greece’s energy storage sector is heating up, with the government confirming plans to publish an energy storage policy framework and hold tenders for 700 MW of battery storage.

Greece held its latest round of solar and wind power auctions this week. Overall, 350 MW of PV was allocated while wind power projects failed to win any capacity.

Statistics published by Greece’s leading solar association show the country constructed 913 MW of new photovoltaic systems last year. Meanwhile, Greece’s largest island has been connected to the mainland power network by what has been described as the world’s longest subsea AC cable.

Although the government last month started offering purchase incentives for residential batteries, a net metering regime which is in place for solar households means there is little to prompt PV owners to splash out more on storage.

Energy regulator Ofgem has announced it aims to bring in market-wide half-hourly settlement across the retail electricity market – from October 2025. The long timescale reflects a sluggish attitude at an inconsistent regulator which appears to be planning an unpredictable route to net zero.

The European Investment Bank and Greece this week signed a first-of-its-kind agreement to jointly manage €5 billion of investment concerned with the EU member state’s post-Covid recovery plan. The strategy has a key focus on green energy.

The Greek government has published its plan for a post-Covid economic recovery. The strategy aims to mobilize at least €10 billion towards the green energy sector, with the prospect of further EU loans on top.

The three Mediterranean countries of Greece, Cyprus and Israel signed this week an agreement to develop a subsea cable that links their electricity grids. Upon completion, the so-called EuroAsia Interconnector will be the world’s longest subsea power cable and could boost solar PV development in all three countries substantially.