RES projects can give economy a fresh push

Investments in renewable energy sources could evolve into a vital recovery factor for the Greek economy in the post-coronavirus era, as they could add up to 11 billion euros over the next few years.

As Terna Energy Chairman Giorgos Peristeris told the listed company’s annual general meeting on Wednesday, “there are ready, fully licensed investments in RES with a total capacity of 2,400 megawatts [per annum], while another 5,800 MW of RES projects have already secured environmental clearance. This means a total of about 8,200 MW of RES projects, adding up to some €8.5-9 billion, can immediately proceed to implementation within the next three years.”

Peristeris added that, besides those investments, an extra 1,000 MW of electricity storage projects worth €1.5-2 billion are also mature in terms of licenses and will also be able to be implemented once the long-awaited institutional framework for them is in place.

Those green energy projects also have a high added-value rate: Wind energy projects have a 50 percent rate, hydroelectrics 70 percent and power storage projects 75 percent.

Investments in RES also have a great multiplier effect in the national economy and employment. According to a study published a few days ago by the International Renewable Energy Agency (IRENA), for every single euro of investments in RES, another 3 to 8 euros is returned to the economy, depending on the technology and the local conditions, and could quadruple the number of jobs in the sector in the medium to long term.

In this context, a few weeks ago, Terna Energy expanded its investment program in Greece by €550 million, taking it up to more than €1.5 billion. “These investments highlight our confidence in the capacity and prospects of the Greek economy and our unwavering focus on investments of high domestic added value in clean energy and energy storage facilities for the benefit of the economy, of employment, of the environment and of all citizens,” Peristeris commented.

He added that, aside from green energy production, Terna Energy is also implementing new investments in environmental projects and refuse management, with a relevant project for the Regional Authority of the Peloponnese about to begin after years of waiting.