Hefty REPowerEU proportion for standalone batteries

The energy ministry is earmarking a significant share of grants Greece stands to receive through REPowerEU to further increase the first wave of standalone batteries that will be installed and also to support the country’s early-bird ventures in the renewable gas sector.

From the outset, the energy ministry’s intention has been to use part of these REPowerEU funds, totaling 769 million euros, to further promote energy storage. However, the final amount to be allocated has been somewhat reduced to 90 million euros, compared to 100 million originally envisaged, an adjustment made to ensure sufficient funds remain for other actions.

The REPowerEU financial injection promises to boost by about one-third a sum of approximately 200 million euros secured through the Recovery and Resilience Facility (RRF) as investment support for standalone batteries.

This means that, despite the rising cost of batteries in recent months, the increased sum will be able to support the development of a portfolio of projects with a total capacity of over 1 GW.

The European Commission still needs to approve, following consultation, the REPowerEU list of actions planned by Greece. At this stage, it is believed Brussels will not raise objections as the actions planned by Greece are totally aligned with priorities set at a European level for projects that promise to accelerate the energy transition ending the continent’s reliance on Russian fossil fuels.