- Korkia says it will fund the development of 1 GW solar power capacity in Greece
- Projects will be realized across the island of Crete and mainland Greece by its funded partnerships, GH Energy and AA Sunshine
- Projects will be connected via 2 subsea cables that will enable solar energy transmission from Crete to mainland Greece
Finland based renewable energy investor Korkia says its funded partnerships—GH Energy and AA Sunshine—will develop 1 GW solar PV capacity on mainland Greece and the island of Crete, supporting it with energy storage and connecting these via subsea cables.
Specifically, the new solar power plants will be developed for Thessaly region and the island of Crete. The projects planned will be ‘very large’ and reach the building phase starting in 2024.
The idea is to have 2 subsea cables between the 2 regions, with 1 of these already operational and the other scheduled to come online by 2023-end. Rich in solar irradiation, Crete will then become a ‘solar power factory’ and supply this clean energy to mainland Greece.
Through the 2 subsea cables, Crete will be integrated into the country’s main transmission system. Energy storage component will help balance the electrical system and increase the share of renewable energy in Greece, according to Korkia.
At the end of 2021, Greece’s operational solar PV capacity exceeded 4 GW, with the addition of 838 MW during the reporting year. The government is relying on renewable energy sources in the wake of high electricity prices and the Russian invasion of Ukraine as it targets to increase renewables share in the total electricity consumption to 70% by 2030 (see Greece Installed 838 MW New Solar In 2021).
“Thessaly is known as the central hub for Greece’s electricity transmission and has suitable land areas for solar projects. There is a lot of potential for growth, and we see great value in combining solar projects with energy storage. We are looking forward to working with Korkia,” said GH Energy’s George Haloulis.
In April 2022, Korkia announced a UK based solar joint venture (JV) with Climate ER to develop up to 500 MW ready-to-build (RTB) capacity over the next 3 years (see New 500 MW Solar Partnership For Europe).