Greece’s energy storage market is moving toward larger integrated portfolios as AKTOR Renewables moves to acquire a majority stake in a portfolio of hybrid renewable and battery projects developed with DEPA Commercial, with a total value of around €370 million.
Under a binding memorandum, AKTOR would acquire a 51% stake in the relevant project companies, while DEPA Commercial would retain the remaining 49%.
The portfolio comprises 221.1 MW of hybrid photovoltaic projects and 250 MW of standalone battery energy storage capacity.
The hybrid projects themselves also include battery systems with a maximum injection capacity of approximately 221.1 MW, creating a portfolio that combines renewable generation, storage and energy management.
Environmental approvals have already been secured, but the projects still require grid connection offers and additional corporate approvals. The transaction therefore represents a major development milestone rather than final investment approval.
The structure is particularly significant because DEPA Commercial would manage the electricity generated by the portfolio, linking asset ownership with electricity trading and portfolio optimisation.
Storage becomes central to renewable strategy
Greece’s renewable energy economics are increasingly being shaped by low midday prices, renewable curtailment and higher evening prices.
That market environment is pushing developers beyond standalone solar projects toward integrated portfolios that combine generation, storage and active energy management.
The proposed AKTOR-DEPA structure reflects this shift.
The commercial value of the portfolio will depend not only on how much electricity the solar assets generate, but also on when that electricity reaches the market.
Battery systems can absorb solar generation during periods of weak or negative prices and release it during higher-value hours. At the same time, an integrated trading platform can optimise the portfolio across wholesale and balancing markets.
This approach is becoming increasingly relevant as Greece continues to expand its solar fleet.
The country has already installed around 13.8 GW of photovoltaic capacity, increasing pressure on daytime capture prices as more solar generation enters the system at the same time.
Evening scarcity, however, can still produce significant wholesale price spikes.
Hybrid assets can capture value from both conditions by shifting renewable electricity from low-value periods into hours when demand and prices are higher.
Scale becomes more important in Greece’s storage market
The portfolio also highlights the growing consolidation of Greece’s battery storage sector.
As storage projects move beyond early-stage development and into portfolios measured in hundreds of megawatts, scale is becoming increasingly important for equipment procurement, financing, grid access and route-to-market strategies.
A portfolio of around €370 million therefore represents more than a collection of individual projects.
It points toward the emergence of integrated energy platforms that combine renewable generation, battery storage and electricity trading under a coordinated commercial strategy.
This model can also provide developers with greater flexibility in managing renewable output.
Instead of selling solar generation whenever it is produced, operators can use batteries and trading capabilities to determine when electricity should be injected into the market, subject to technical and market constraints.
That becomes particularly valuable in a market where rapid solar growth is creating increasing periods of oversupply during daylight hours.
Greece shifts from capacity growth to flexibility
Greece’s renewable market is increasingly moving from a race to add generation capacity toward a broader focus on flexibility and energy optimisation.
The growing role of battery storage means the value of a renewable asset is no longer determined solely by its installed megawatts or annual electricity production.
The ability to shift output, manage market exposure and participate across multiple electricity markets is becoming an increasingly important part of project economics.
For AKTOR and DEPA, the proposed transaction would create a larger platform combining generation, storage and trading capabilities.
For the wider Greek market, it reflects a broader transition as battery projects become larger, more integrated and increasingly connected to existing renewable portfolios.
The next stage of Greece’s energy transition will therefore be shaped not only by how many megawatts of renewable capacity are added, but by how effectively those megawatts can be managed, stored and delivered when the electricity system needs them most.
