The European Commission on April 2, 2024, has gone on to announce that it had cleared the way for Greece to go ahead and invest €1 billion in order to support two landmark renewable energy production projects as well as storage projects to be completed by the middle of 2025.
It is well to be noted that the Faethon Project happens to foresee the construction of two photovoltaic units, each having a capacity of 252 MW, in addition to the integrated molten-salt thermal storage units and also an extra-high voltage substation.
This project happens to be designed to let the surplus energy be stored and also converted for usage at times of peak electricity consumption.
The Seli Project, on the other hand, entails the construction of a 309 MW photovoltaic unit with an integrated lithium-ion battery energy storage system, which happens to be aimed at optimizing electricity generation along with grid stability.
The funds have been cleared for use under the EU State Aid rules, on the foundation that the support was indeed necessary as well as appropriate so as to fulfill EU decarbonization objectives.
Executive Vice-President Margrethe Vestager, responsible for competition, said that the measures will go on to help the EU as well as Greece meet their decarbonization along with climate neutrality objectives and at the same time decrease dependence as far as imported fossil fuels are concerned.
Apparently, the EU executive goes on to anticipate both projects to push renewable energy production across Greece by 8% as compared to the 2020 levels, as per the statement on the decision.
The storage units across both projects happen to be designed so as to help decouple electricity dispatch from production and to also decrease the intermittent nature when it comes to solar power, achievements considered crucial by the EU executive in order to provide flexibility, stability, along with reliability for future energy systems.
According to a statement rolled out by the commission, system flexibility happens to be especially required within the EU’s electricity system, in which the share of renewable energy is anticipated to reach almost 69% by 2030 and thereafter 80% by 2050.