European Commission Grants Greece 1 Billion Euros for Renewable Energy Projects

EU | April 3, 2024, Wednesday // 10:38|  views

With the aim to bolster renewable energy infrastructure, the European Commission has greenlit funding of 1 billion euros for two key projects in Greece, as reported by the Greek newspaper Kathimerini.

The approval of financing underscores the EU's commitment to advancing sustainable energy initiatives and aligning with ambitious decarbonization targets. The projects, known as Phaethon and Seli, are poised to play a pivotal role in Greece's transition towards climate neutrality and reducing dependence on imported fossil fuels.

The Phaethon and Seli initiatives are integral components of Greece's strategy under the European Green Deal, aimed at fostering the growth of renewable energy production and storage capabilities. The allocated funds will facilitate the construction of photovoltaic units and energy storage facilities, laying the groundwork for a more sustainable energy landscape in the country.

Anticipated to be completed by mid-2025, both projects hold promise for bolstering Greece's renewable energy capacity and contributing to the broader EU efforts in combatting climate change. By harnessing solar power and investing in energy storage solutions, Greece stands to diversify its energy portfolio and reduce carbon emissions significantly.

The European Commission's endorsement of the funding underscores the importance of investing in renewable energy infrastructure to achieve long-term environmental sustainability and energy security.


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Tags: European, greece, renewable energy, funding


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