Greece’s solar photovoltaic (PV) market is set for growth of the utility-scale segment and the self-consumption segment, Dutch-based corporate consultancy Solarplaza International said.
The adoption of power purchase agreements (PPAs) as well as the acceleration of other government initiatives related to solar energy are also among growth drivers, Solarplaza International said in an executive summary of materials prepared ahead of their upcoming Solarplaza Summit Greece conference.
A standalone energy storage procurement process is set to be launched by the time this conference is being held, it added.
Greece’s total solar capacity was approximately 5.5 GW in 2022 and is expected to surpass 15 GW by the end of 2026. Medium-sized projects have been the main focus of the Greek solar market in recent years but there is also notable growth in large-sized utility projects as well as smaller residential projects.
In a landmark development, solar power generation in Greece has surpassed coal generation for the first time. There was even a day in 2022 where the entire Greek power system ran on 100% renewable energy for more than five hours.
In 2025 and onwards, auctions will no longer be held. This means renewable energy producers will directly compete in the market or enter into PPAs.
By 2030, at least 80% of the total power generation of Greece to be attributed to renewable energy. By then the Mediterranean country targets to have 14.1 GW of total solar capacity and 8 GW of total energy storage.
However, limited grid capacity, market cannibalization and negative prices pose a challenge to growth, according to Solarplaza International.
Gaining the above insights as well as networking with like-minded peers, vendors, and investors is key to a well-rounded understanding of the Greek solar energy market in 2023, it noted.