The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Greece awards 411MW of BESS across 12 winning projects in first tender


The Regulatory Authority for Energy (RAE) of Greece has chosen the 12 winning projects of a recently-launched tender, with 411MW of battery storage capacity to receive financial aid over a 10-year period.

The tender, which was launched earlier this year, will provide grants for the initial capital investment needed to build the projects, plus annual amounts over a ten-year period to maintain revenues. It is the first round of a state-led procurement aiming to fund up to a 1GW of battery storage.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

A total of 93 projects were submitted into the auction, with 12 winners, 3 runner-ups and 78 projects which were excluded from the final list. Projects bid in with a desired annual aid amount, with a weighted average of the winning projects of €49,748 per MW per year.

This is less than half of the upper limit that projects could bid in at, of €115,000. When it emerged in July that companies were bidding in significantly below that figure, research and consultancy firm Clean Horizon told it showed “players willing to take risks” to get into the Greek market.

The auction contains a clawback mechanism for if the projects generate significantly higher-than-predicted revenues.

See a table below detailing the 12 winning projects below, bid in by six different companies: Helleniq Renewables, PPC Renewables, Mytilineos, Intra – S Energy (Intrakat), Energy Technical Development SA and Energy Bank I I.K.E. It is not clear who the latter two’s ultimate parent companies (if any) are.

All of the projects appear to be two-hour duration.

Company submitting projectProject power rating (MW)Project guaranteed capacity (MWh)Offer (€k/MW/year)
Helleniq Renewables5010033,948
Helleniq Renewables255039,956
PPC Renewables 5010047,291
PPC Renewables 489648,756
Intra – S Energy 5010049,501
Helleniq Renewables255049,885
Intra – S Energy 255055,332
Energy Technical Development SA7.815.658,640
Energy Technical Development SA816.5460,000
Energy Bank I I.K.E49.9910060,887
Intra – S Energy255964,112

The past year has seen gigawatts of projects receive electricity market licenses from the RAE, an integral, early part of the development process. PPC Renewables has the second-most energy storage licenses granted by the RAE according to Clean Horzion data from May, with EDP Renewables top of the list with around 1.5GW.

Mytilineos, an industrial conglomerate, said its winning project will be co-located with solar plants under construction and is expected to start construction in 2024 for a commercial operation date (COD) in 2025. It will be in Halkidiki, in the region of Central Macedonia.

The company plans to participate in future tenders from the RAE, it added, and will use its own aggregator unit to control the winning energy storage project.

Greece is aiming to have 3GW of energy storage online by 2030 to help it hit renewable energy targets, the this round of financial aid to projects is part of getting there.

The auction programme is partially funded by Greece’s portion of the EU-wide Recovery and Resilience Plan, the program to mitigate the negative economic effects of the Covid pandemic, a move which was approved in September last year.

See the RAE’s decision document (in Greek) here.

Read Next

July 17, 2024 Premium speaks to one of the chief architects of the Capacity Investment Scheme (CIS), aimed at breaking down barriers to investment and deployment in Australia’s renewable energy and storage sectors.
July 16, 2024
Independent power producer (IPP) Atlas Renewable Energy discussed its large-scale BESS projects in Chile, where gigawatts of projects are expected to come online in the next few years.
July 12, 2024
Emerging energy storage markets across Asia face a similar learning curve today as their maturing counterparts have done in the past.
July 11, 2024
India’s cumulative battery energy storage system (BESS) installations stood at 219.1MWh at the end of March 2024, according to Mercom India.

Most Popular

Email Newsletter