WITH A 100% RENEWABLE ELECTRICITY TARGET BY 2030
Greek solar energy transformation
It’s (not) all Greek to me. In fact it makes absolute sense!
While Solar Power Europe confirm that solar energy continues to grow across the EU, with 65.5 GW of new solar capacity installed in 2024. This represents a 4% increase over the previous year, it is a slow down but solar can just about be on the track to meet EU’s target.
Greece can help. It is undergoing a significant energy transformation, partially driven by EU Green Deal mandates. It offers strong solar/wind potential with opportunities in renewables, storage, and green infrastructure.
The country aims to be climate neutral by 2050, with a 100% renewable electricity target by 2030 for islands and 80% nationwide. This is despite the European Commission rapping Greece’s (and others) knuckles late last year to transpose agreed rules to accelerate permitting procedures for renewable energy projects.
Tessa Laws
Purpose Law Founding Partner
Solar farm superimposed with flag of Greece, symbolising solar power and sustainability initiatives in the country
As keen spectators at the Greek renewables Olympiad for almost 20 years – quite a bit has changed. Likewise, quite a bit has stayed the same. It’s a mixture, μίγμα.
The current market size in Greece is approximately:
Solar PV:
- 2023 installations reached ~1.6 GW, bringing total PV capacity to ~7 GW, covering ~19% of electricity generation according to Wattcrop.
- 2024, a record 2.5 GW of new solar capacity was added, accelerating Greece toward its 13.4 GW solar target under NECP. Possibly reaching it by mid‑2026 (see strategicenergy.eu).
- By the end of 2024, total solar capacity stood at ~9.3–9.6 GW, generating 21–21.4% of electricity.
There is high solar irradiation (1,400-1,800 kWh/m²/year) and fast-track licensing for under 1MW in Greece.
Wind Energy:
- Onshore wind capacity reached ~5.3 GW by mid‑2024, progressing toward its 7–8.9 GW by 2030 goal (strategicenergy.eu).
- Offshore wind development is still nascent, with a Greek government target of 1.9–2 GW by 2030. And up to 12 GW identified zones, particularly floating wind. The shipping conglomerate Angelicoussis is said to be exploring floating offshore wind to fuel future green-hydrogen bunkering This presents novel offtake structures that appeal to bank syndicates wary of wholesale-price risk.
A Greek wind park on the snowed mountain, at Kithairon, Greece
Storage:
- Tendered battery capacity to date totals only ~600 MW, which is well short of the 7–8 GW needed to manage grid curtailment. Also to support high RES penetration (according to Balkan Green Energy News).
- 3GW batter storage goal by 2030
Good news is subsidies are up to 65% via EU & RRF (recovery & resilience).
Greece does have supportive market drivers and policies with Government targets including 61% electricity from renewables. But there competitive auctions and an emerging power purchase market. There are still shortfalls and therefore lots of opportunities.
EDF’s PPA with Axpo earlier this year regarding the power plants Skala Korinis and Loutsa exemplifies technology-sector entry. As does Amazon’s 2024 commitment to three Greek wind farms (according to mordorintelligence.com).
Rumour has it that Google and Meta are reportedly screening or have screened similar PPAs to decarbonise regional data-centre footprints. However there are still challenges with supply, such as oversupply, grid constraints and insufficient storage.
Public Power Corp. (PPC) and Intrakat Group joint development of a portfolio of renewable electricity projects with a total capacity of up to 2.7 GW.
All of this sounds like an opportunity and there is no doubt Greece has plenty of opportunities for developers and investors. A few examples follow:
Large-scale solar (ground-mounted and rooftop)
There are lower land costs in Greece relative to Northern Europe which make projects economical. In addition, strategic investors are scaling through partnerships such as PPC‑Intrakat.
Storage solutions
There is significant growth potential with suggestions that volume exceeds current tenders. Developers offering integrated PV+storage can position effectively in upcoming auctions or PPAs.
PPAs and corporate routes
Greece’s PPA market is still emerging which implies there is growth potential.
Offshore wind
Floating wind zones identified; first auctions expected soon.
Regulatory reforms
Simplified licensing, stable PPA frameworks, and clearer curtailment regimes will reduce development risk. As a result, developers with in‑country footprint might have an advantage.
Wattcrop, a key player based in Greece, is an award-winning renewable energy company, recognised for its innovation and strong track record aiming to become a top-tier, technology led Independent Power Producer (IPP) in multiple European jurisdictions.
Founded only in 2019 Wattcrop has already developed more than 1.2 GW of solar PV and 1 GW of battery storage. It has projects in Southeast Europe, with an asset pipeline valued over €1.2 billion according to energianuk.com.
The Eunice Group, another developer, focuses on the production of energy exclusively from renewable sources, with wind & photovoltaic parks throughout Greece, a total capacity of about 100MW in operation. Within the next five years the total capacity is expected to exceed 650MW.
Wattcrop address the development and operational cycle of renewable energy projects
In conclusion Greece’s renewables market is booming—with solar growth accelerating toward 13 +. GW by 2026, backed by strong government targets and increasing foreign and domestic developer interest.
Major constraints remain in grid capacity and storage, but these gaps also create lucrative opportunities for integrated PV+storage projects, offshore wind developers, and vertically structured PPA deals.
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