The European Commission has approved financing of 1 billion euros for two projects for the production and storage of renewable energy in Greece, reported the Greek newspaper “Kathimerini”.
„These measures, amounting to €1 billion, support two innovative renewable energy projects that will accelerate the green transition,” said EC Vice-President Margrethe Vestager. “The measures will help the European Union and Greece achieve our decarbonisation and climate neutrality goals, as well as reduce our dependence on imported fossil fuels, in line with the EU Solar Energy Strategy and the REPowerEU project”.
Funding affects the “Phaeton“ (Faethon) and “Sally“ (Seli), which support the achievement of the country's climate and energy goals within the framework of the European Green Deal.
The “Phaeton“ project includes the construction of two photovoltaic units, each with a capacity of 252 MW, together with integrated thermal storage facilities for molten salt and an extra high voltage substation. The aim of the project is to enable the production of electricity during the day and the storage of excess energy. This surplus will be converted into electricity that can be used during peak periods – afternoons and evenings.
The “Seli” project includes the construction of a 309 MW photovoltaic plant with an integrated lithium-ion battery energy storage system. The aim of the project is to optimize electricity production and grid stability.
Both projects are expected to be completed by mid-2025