IPTO, the power grid operator, plans to soon distribute bills to investors maintaining wind farm project licenses in their portfolios for Evia, Greece’s second-largest island, located slightly northeast of the wider Athens area, requiring payment of additional costs being generated by the non-utilization of a submarine interconnection linking the island with the mainland.

Payment of these additional costs, estimated to be worth tens of millions of euros, will be expected from the investors, along with an amount of roughly 82 million euros needed to develop the submarine interconnection.

Roughly 15 enterprises, including most of the country’s major energy market players such as PPC, Iberdrola-Rokas, Terna Energy, Gamesa, Protergia and Enteka, hold licenses with a total capacity of 400 MW to develop wind farms, most of these in Evia’s south and central parts. The submarine interconnection was developed to utilize the island’s considerable wind energy potential.

Approximately 55 MW of the 400 MW capacity licensed out concerns projects on the islands Andros and Tinos – 46.8 MW and 7.5 MW, respectively.

The holders of these licenses have submitted letters of guarantee but ought to have also covered their respective shares of costs. Intervening as a result of a wider cash flow problem in the energy sector, energy minister Giorgos Stathakis had a bill ratified in parliament that enables amounts to be paid over three installments by the end of this year.

By agreeing to this measure, the investors secured feed-in premiums of 98 euros per MWh, without needing to participate in auctions.

Wind farm investments of over 400 million euros are expected to be developed by investors as a result of the submarine interconnection’s completion.