RES investors, hit by coronavirus crisis, want project deadline extensions

RES investors who secured projects at auctions in 2019 and are committed to linking new facilities to the grid over the next 6 to 18 months have requested deadline extensions of at least 6 to 12 months as a result of the coronavirus pandemic’s unforeseen and widespread repercussions.

Under the current conditions, investors will not be able to install solar and wind energy facilities on time and, consequently, face potential damages worth hundreds of millions of euros, market officials told energypress.

RES system suppliers and project contractors worldwide are overwhelmed by the extraordinary conditions and have no way of meeting delivery schedules, the pundits added.

Besides posing a serious threat of catastrophic proportions for RES producers, the coronavirus crisis also threatens to deprive the national economy of vital energy sector investments worth hundreds of millions of euros. This could prompt thousands of job losses and closures of many companies in Greece’s construction and energy sectors.

Without a doubt, the government’s ambitious green energy goals are now severely threatened. International investors could ultimately interpret RES project shortcomings as negative news regarding the country’s investment prospects, at a crucial time in the effort for economic recovery.