Greece, EC has approved plan envisaged the investment of 341 million euros in the construction of grid-connected energy storage systems

, SEE Energy News

The European Commission (EC) has approved Greek plan envisaged the investment of 341 million euros in the construction of grid-connected energy storage systems totaling 900 MW in capacity.

According to the plan, Greece will hold competitive tenders to select projects eligible to get funding. The support will be allocated as an investment grant in the construction phase and an annual incentive during the system’s operational life, for a term of 10 years.

Energy storage developers will be awarded contracts by the end of 2023 and will be required to bring the proposed facilities online by the end of 2025. The capacity deployment program is intended to support the integration of more renewable energy generation plants into the national electricity network. The program will be partially financed through the Greece’s Recovery and Resilience Facility.

EU Commissioner for Competition Margrethe Vestager said that increasing available electricity storage capacity in the system is key to make grids more flexible and better prepared for a future in which renewables form the backbone of the decarbonized electricity mix.