Greece apportioned €5bn ($5.9bn) to phase-out the use of coal by 80% by 2023, to reduce the nation’s carbon footprint. These are highly optimistic targets, particularly considering the fact that back in 2015 coal-based generation formed 41.6% of the generation mix. In 2019 this reduced to 27.9%, which, by 2030, if not entirely staged out, is predicted to have a small share of less than 10%.

This has been one of the largest investments the nation has made in recent times, which is strong enough to leave coal-based generation behind, subsequently bolstering renewables in the power segment. The renewable energy (RE) segment (including small hydro) is expected to get a boost over the decade, where 85%-90% of the total new capacity addition between 2019-30 will be renewable in nature. Almost 55%-60% of the RE capacity is anticipated to encompass solar PV.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The proposed investment is expected to help create more than 8,000 employment opportunities in the western Macedonia and Megalopoli regions. Investments incorporate a strategy by the state’s Public Power Corporation (PPC) to build solar PV parks in Western Macedonia with a generating capacity of 2.3GW, and a €130m ($154m) solar PV venture by Hellenic Petroleum in the same region.

Across the country, there are more than 25GW of solar PV and wind ventures, which are either announced, in the permitting phase or are under construction. The growing renewable space attractiveness is likely to captivate global investments in the sector as the country plans to have new initiatives such as a reduction in application time for renewable projects, introduction of renewable energy certificates, energy efficiency measures, and planning offshore wind ventures. These bold steps make up the ideal ingredients for the country to leverage the green potential that lies largely unexplored currently.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.