Greece: French Akuo Energy’s investment plan for Greek RES

, SEE Energy News

French Akuo Energy is one of the biggest European market players in the RES market, active in 18 countries and having incorporated Greece into its strategy since 2018. Akuo Energy is planning to implement an investment program close to 1 billion euros in Greece over the next five years. Its plans include the entire range of renewable energy sources, from wind and solar power on mainland Greece to storage and floating solar units on the islands.Through its subsidiary, Akuo Energy Greece, it has applied for RES production licenses totaling 1 GW from solar and wind power. Recently, it acquired three wind farms in Pella, Central Macedonia, investing 150 million euros.

The French company is planning to autonomously develop photovoltaic systems totaling 750 MW in Greece, plus another 284 MW in cooperation with Italian Enel.

Akuo Energy Chairman Eric Scotto said that Greece is one of the most RES-endowed countries in Europe, enjoying plenty of wind and sunshine. He added that one of the reasons the company decided to establish itself in Greece was the Government’s decision to phase-out lignite electricity generation and shut down all coal-fired TPPs by 2023, which offers a great opening for RES projects.

He also noted that Greece’s great RES output capacity also offers a major opportunity for energy storage, which is also a condition for increasing the penetration of RES, adding that Akuo is interested in the development of hybrid projects (solar and storage) on Greek islands not connected to the national electricity network.