Greece’s Regulatory Authority of Energy (RAE) declared the results of the 350 MW joint competitive bidding for solar photovoltaic (PV) and wind projects. Solar PV projects ruled the roost as there were hardly any bidders for wind projects.

The bidding was held on May 24 for PV projects of a maximum capacity of 20 MW and wind projects of 50 MW totaling 350 MW.

A total of 126 participants submitted 2,188 bids. The tariffs quoted ranged from €0.03297 (~$0.040)/kWh to €0.0512 (~$0.062)/kWh, with a weighted average of €0.0376 (~$0.046)/kWh.

Of the total 350 MW, bids amounting to 349.91 MW were awarded to 15 companies and all of this was for solar projects. Greek company Egnatia Group won 19.3 MW of solar projects quoting the lowest tariff of €0.0329 (~$0.040)/kWh. Egnatia also won the largest capacity in the auction (144 MW). The highest tariff quoted in the auction was €0.0512 (~$0.050)/kWh by Polytechniki.

Last year, Greece had approved a budget of €2.02 billion (~$2.47 billion) to develop four renewable energy projects totaling 2.81 GW. Greece’s Interministerial Strategic Investment Committee approved an investment worth €888.13 million (~$108.59 million) for Egnatia Group to develop 1.5 GW of solar projects across 12 regional units in Central and Northern Greece.

The committee also approved an investment worth €421.60 million (~$515.72 million) for Karatzi SA to build and operate 37 solar projects with a cumulative capacity of 830 MW. These projects would be developed in Larrisa, Magnesia, and Kilkis.

According to a report by Athens News Agency – Macedonian Press Agency, Greece was also likely to spend $5.9 billion to neutralize the economic impact of phasing off lignite-based power generation,

In a related development, the partially state-owned refinery and oil marketing company, Hellenic Petroleum has applied for a €75 million ($89.11 million) loan from the European Bank for Reconstruction and Development. Hellenic acquired a portfolio of solar PV projects at the final permitting stage in the wider Kozani region, Greece, from JUWI, in October 2020. When completed, the PV project will be the largest-scale RES initiative project in Greece and one of the biggest PV projects in Europe with a total planned installed capacity of 204 MW.

Tracing back India’s renewable energy ties with Greece, it could be noted that the two countries had signed a memorandum of understanding back in 2017 to collaborate in the field of renewable energy.