The enormous number of renewable energy projects currently at various stages of maturity, combined with market changes to be brought about by the imminent target model and the system’s limited ability to absorb and remunerate projects are factors expected to stir up a fierce economic battle between RES producers as they strive for their investment plans to prevail.

RES projects currently operating represent a total capacity of 10.5 GW and will need to reach 19 GW by 2030 if National Energy and Climate Plan goals are to be achieved, meaning a further 8.5 GW in RES capacity will need to be added over the next decade at an average rate of 850 MW per year, according to data presented by the energy ministry’s secretary-general Alexandra Sdoukou.

At present, projects representing a total capacity of 26 GW are maturing, 5 GW of these projects being at a very mature stage.

License applications have been submitted for a further 35 GW in RES projects, while an additional 5 GW of small-scale projects and approximately 10 MW of major-scale projects regarded as strategic investments are all currently being connected to the grid.

Overall, this activity represents 11,000 RES projects of all technologies and scale with a total capacity of 76 GW, or investment interest ten times over the NECP’s needs.

Admittedly, not all of these projects will be actualized, but ten years of investment and licensing activity still lie ahead. A new round of applications in December is expected to attract major investment interest and add to the current total of 76 GW.