Greece, EC has approved a 2.27 billion euros support mechanism to increase production of electricity from RES

, SEE Energy News

The European Commission (EC) has approved a 2.27 billion euros support mechanism proposed by Greece aimed to increase production of electricity from renewable energy sources.

The statement from the Commission said that the measures will help Greece meet its renewable energy targets, without unduly distorting competition. Greek Government, aiming for renewables to account for 61 % of final electricity consumption by 2030, compared to 29 % in 2020, is planning to reduce the licensing procedure for RES projects to two to three years, compared to current eight years period.

The new scheme that Greece has proposed to support 4.5 GW of installed RES capacity from onshore wind, solar, biomass, hydropower and other renewable energy sources includes joint competitive tendering and direct awarding.

It is open until 2025 and can be paid out for a maximum of 20 years.