The European Commission announced it had cleared the way for Greece to invest 1 billion euros to support two landmark renewable energy production and storage projects to be completed by mid-2025.
The Faethon Project foresees the construction of two photovoltaic units, each with a capacity of 252 MW, along with integrated molten-salt thermal storage units and an extra-high voltage substation.
This project is designed to enable surplus energy to be stored and converted for use in times of peak electricity consumption.
The Seli Project entails the construction of a 309 MW photovoltaic unit with an integrated lithium-ion battery energy storage system, aimed at optimising electricity generation and grid stability.
The funds were cleared for use under the EU State Aid rules because the support was necessary and appropriate to fulfil EU decarbonisation goals.
