Floating solar panel installations rising, Greek market considered

Companies headquartered in Europe’s north are looking for opportunities to invest in floating solar panel installations over lake, sea and reservoir surfaces around Greece, sources have informed.

Conditions at Greek lakes and seas locations are considered ideal to host such projects, capturing an increasing share of global renewable energy generation as their related technology continues to mature.

Key players are developing floating solar panels projects at various locations around the world, including European and Asian regions.

Germany’s BayWa r.e., developing floating solar panel projects with a total capacity of 52 MW at shallow waters in the Netherlands, is believed to be eyeing the Greek market.

Another major player, Norway’s Statkraft, is currently installing floating solar panels with a 2-MW capacity at a hydropower facility reservoir in Albania.

Portugal’s EDP, which has signed a memorandum of cooperation for renewable energy projects with Greek power utility PPC, and France’s Akuo, present in the Greek market, are both active in the floating solar panel sector.

Floating solar panel solutions are proving to be increasingly popular as their development avoids costs and complications encountered by investors behind  conventional solar projects on land.

The overall capacity of floating solar panel projects soared from 10 MW in 2014 to 1.1 GW in 2018 and is continuing to increase at a rapid rate.