The new investment will be made in building 2.3GW solar power projects in the country
Greece has committed to shut down 80% of Public Power Corp’s coal capacity by 2023. (Credit: analogicus from Pixabay.)
Greece is reportedly planning to invest approximately €5bn ($6bn) in phasing out the use of coal in power generation by 2028.
The total investment will include state funds, financing from the European Union and European Investment Bank, according to a government official.
Reuters reported Energy Minister Kostis Hatzidaki as saying that the plan will be tabled for approval from the Greek parliament and the European Union by the end of the year.
The funds are expected to be utilised for infrastructure projects, grants to new businesses, and training, to support western Macedonia and Megalopoli in Southern Peloponnese to shift to green energy, agriculture and tourism.
The two regions are said to be the main suppliers of lignite resources, on which the country has relied on for more than half a century to generate electricity.
Greece has committed to shut down 80% of the state electric utility Public Power Corp’s coal capacity by 2023.
The company has already closed two coal units, with a combined capacity of 550MW, in Macedonia and is also planning to close the remaining 10 by 2023.
Public Power to construct solar power projects in Western Macedonia
The investment plans include construction of solar power projects by Public Power Corp in Western Macedonia, with a combined capacity of 2.3GW.
A €130m ($153.2m) solar park is also planned to be constructed by Hellenic Petroleum in the same region.
Hatzidakis was quoted by the news agency as saying: “The number of jobs that will be created in Western Macedonia and Megalopoli will be more than those that will be lost”
Recently, Poland has announced plans to invest billions in building new nuclear and renewable energy facilities, to accelerate its coal phase-out programme.
In an update of its energy strategy by 2040, the country said that it plans to invest PLN150bn ($40bn) to construct its first nuclear power plants.