EU oks 2.27 bln€ in funding to Greece to achieve renewable power generation targets

The European Commission on Wednesday announced that it had approved an outlay of 2.27 billion euros in loans towards Greece to bankroll a proposal by the Greek government to boost renewable power generation.

In an announcement, the EU executive branch said the proposed scheme would assist the east Mediterranean country is achieving its targets for renewable sources of energy.

One target is to generate 61 percent of final electricity consumption in the country by 2030, dramatically up from 29 percent reported in 2020. One highlight measure proposed in the scheme is to reduce the permit process for new units and technology to two to three years.

Athens proposes to create 4.5 gigawatts of installed electricity capacity on-shore and off-shore wind farms, photovoltaic parks, biomass, hydroelectric power and other renewable energy sources through joint competitive tendering and even direct awarding.

The entire press release by the Commission is here