April 19 (SeeNews) - The Greek government said it approved as strategic investments two new projects worth a total of over 1.2 billion euro ($1.3 billion) which are proposed by the local subsidiary of US Microsoft Corporation and domestic renewables firm Terna Energy [ASE:TENERGY], part of holding company Gek Terna.
The projects will create 410 jobs, Greece's Interministerial Committee on Strategic Investments said in a statement on Friday.
The first project will see Microsoft Operations Hellas invest in establishing three data centres in two areas in Athens under a plan first announced by the US company in late 2020 to expand its cloud infrastructure footprint into Greece and the region. The company will invest more than 976 million euro in the data centres, local media reported.
Terna Energy's approved project, for a hydro pumped storage facility in Crete will see an investment of 280 million euro in what the renewables company claims is Europe's largest hybrid clean energy project. The facility will use wind power to fuel the operation of pumping units channelling water between two separate reservoirs depending on whether power demand is high or low.
Terna Energy plans to install an 89-MW wind park with 27 wind turbines together with a 72-MW pumping system in the existing reservoir of the river dam as well as an electricity substation and high-voltage overhead transmission line.
The project is expected to generate 110 million euro in additional revenue for local municipalities and communities over a 25-year period while reducing electricity costs for residents, Terna Energy has said.
($ = 0.9265 euro)