Greece’s stimulus package invests € 10 billion in clean energy – PV Magazine International

The Greek government has released its plan for a post-Covid economic recovery. The strategy aims to mobilize at least 10 billion euros in the green energy sector, with the prospect of new EU loans in addition.

Greek Prime Minister Kyriakos Mitsotakis presented a national stimulus package that aims to change “the country’s economic and institutional paradigm” – by modernizing them both.

Covid’s Greek recovery strategy, which follows the principles of the EU’s recovery fund agreed in July, is based on the reforms proposed by the Mitsotakis administration since its election in July 2019. The policies put in place since include a energy and climate plan; phasing out of coal by 2028 at the latest; and a new one, Digital Renewable Energy Licensing Scheme.

The Greek stimulus plan

The four pillars of the recovery plan outlined yesterday by Mitsotakis, and which will be submitted to the European Commission for approval this month, include the green energy transition and the digitization of the economy, alongside social sector policy, for employment and education programs, and private sector reforms of taxes, export programs, R&D and the private sector. like.

The Green Energy Transition Offer aims to invest € 6 billion in EU subsidies in clean energy, to be supplemented by € 4.4 billion in private investment.

With the EU’s ‘Recovery and Resilience Facility’ also offering loans, the total liquidity of green energy projects is expected to expand to a few billion more.

The four pillars of Greece’s five-year stimulus plan to guarantee € 12.73 billion in EU loans in addition to € 18.2 billion in grants – and are expected to attract € 26.5 billion in Private sector liquidity – the € 54.5 billion is envisioned by Athens would increase Greece’s GDP by 7% by 2026.

The available European loan financing will only be offered to private investors and will not be able to cover more than half of the costs of the project, Athens said yesterday. It will be channeled through national and international banks and institutions.

Investment areas

Greece’s recovery program will include plans for up to 1.38 GW of pumped electricity and battery storage, with a spokesperson for the Environment and Energy Ministry telling pv magazine a team was set up this year to draft a regulatory framework for energy storage.

Photovoltaic panels will be included in plans for around € 1 billion to invest in modernizing the national building stock, through measures such as energy efficiency improvements and smart energy systems.

Smart energy – and electric vehicles (EVs) – will also be funded by 450 million euros for the modernization of commercial infrastructure, and the revival strategy also includes expanding the national EV charging network and creating a fleet of electric public transport.

The partially operational electricity interconnection between the mainland and the Cyclades Islands will be expanded and the government also plans to devote liquidity to the establishment of a national fund for the development of renewable energies on a solid basis, after previous financial difficulties .

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