The European Union has accepted a plan by the Greek authorities to spend round €341 million ($339 million) to fee 900 MW of grid-scale power storage capability.
The European Fee waved by way of the plan this week below its state assist guidelines, with an unspecified proportion of the funds for this system to come back out of the Covid-recovery funds secured from the EU by the member state.
pv journal understands power storage builders should provide a minimal discharge length of two hours to be eligible for this system, with the full quantity of storage capability to be commissioned depending on the outcomes of a bidding course of.
Below this system, power storage mission builders will bid competitively to safe the bottom annual assist grants they’ll obtain yearly over the primary decade their amenities function. Profitable bidders may also obtain an funding grant throughout development of their initiatives, with the Greek authorities committing to situation mission awards subsequent yr and builders pledging to have them operational earlier than 2026.
“Rising obtainable electrical energy storage capability within the system is essential to [making] grids extra versatile and higher ready for a future during which renewables kind the spine of the decarbonized electrical energy combine,” mentioned fee vice chairman accountable for competitors, Margrethe Vestager. “The Greek assist measure we’ve got accepted in the present day, which shall be partly funded by the [Covid] Restoration and Resilience Facility, will contribute to the event of aggressive markets for electrical energy system companies whereas serving to Greece meet its emission discount targets.”
This copy was amended on 06/09/22 so as to add details about the minimal discharge length of the initiatives chosen.